TRUST PROPERTY: A LEGAL LINK BETWEEN TRUST PROPERTY AND TRUSTEE UNDER THE NIGERIAN LEGAL SYSTEM


TRUST PROPERTY: A LEGAL LINK BETWEEN TRUST PROPERTY AND TRUSTEE UNDER THE NIGERIAN LEGAL SYSTEM

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ABSTRACT

According to the Blacks law dictionary, 6th edition trust property is defined as any money or property set aside as a trust for the benefit of another and held by a trustee. The trustee is the person vested with the right to hold property in trust on behalf of another called the beneficiary. The essence of trust relationship is to enable a testator/ settlor who own a legal estate to be able to cater for his immediate family members or his dependants after his demise.
For a trust relationship to be properly constituted, the trust property must be vested in the trustee. The legal link between the trustee and the trust property is the act of vesting the trust property in the trustee. Where this has been properly done, the trustee will be able to deal with the trust property accordingly. A beneficiary can only lay claim to a trust property that has been properly vested in the trustee. Hence the necessity of examining the legal link between the trust property and the trustee under the Nigerian legal system is sine qua non in order to be able to establish the scope of the operation of trustees in administering trust property under a trust relationship.

TABLE OF CONTENTS

ABSTRACT

TABLE OF CONTENTS

TABLE OF CASES

TABLE OF STATUTES

LISTS OF ABBREVIATIONS

CHAPTER 1

GENERAL INTRODUCTION

1.0.0: INTRODUCTION

1.1.0: BACKGROUND TO THE STUDY

1.2.0: OBJECTIVES OF THE STUDY

1.3.0: FOCUS OF THE STUDY

1.4.0: SCOPE OF THE STUDY

1.5.0: METHODOLOGY

1.6.0: LITERATURE REVIEW

1.7.0: DEFINITION OF TERMS (IF ANY)

1.8.0: CONCLUSION

CHAPTER 2

CONCEPT OF TRUST UNDER THE NIGERIAN LEGAL SYSTEM.

2.0.0: INTRODUCTION

2.1.0: HISTORICAL EVOLUTION OF THE CONCEPT OF TRUST

2.2.0: TRUST AND OTHER LEGAL RELATIONSHIPS

2.2.1: TRUST AND AGENCY

2.2.2: TRUST AND BAILMENT

2.2.3: TRUST AND CONTRACT

2.2.4: TRUST AND POWER OF APPOINTMENT

2.3.0: COMPLETELY AND INCOMPLETELY CONSTITUTED TRUST

2.4.0: CREATION OF TRUSTS

2.4.1.0: CAPACITY TO CREATE A TRUST

2.4.1.1: INFANTS AND MINORS

2.4.1.2: PERSONS SUFFERING FROM MENTAL INCAPACITY

2.4.1.3: MARRIED WOMEN

2.4.1.4: CORPORATE BODIES

2.4.2.0: FORMALITIES FOR CREATION OF TRUST

2.4.2.1: INTERVIVOS TRUST

2.4.2.2: TRUST CREATED BY WILL

2.5.0: ESSENTIALS OF TRUSTS

2.5.1.0: CERTAINTY OF INTENTION

2.5.1.1: EFFECT O F UNCERTAINTY OF INTENTION

2.5.2.0: CERTAINTY OF SUBJECT MATTER

2.5.2.1: EFFECT OF UNCERTAINTY OF SUBJECT MATTER

2.5.3.0: CERTAINTY OF OBJECT

2.5.3.1: EFFECT OF UNCERTAINTY OF OBJEC

2.6.0: CONCLUSION

CHAPTER 3

CONCEPT OF TRUSTEE AND TRUST PROPERTY UNDER THE NIGERIAN LEGAL SYSTEM

3.0.0: CONCEPT OF TRUSTEE UNDER THE NIGERIAN LEGAL SYSTEM

3.1.0: INTRODUCTION

3.2.0: CAPACITY TO ACT AS TRUSTEES

3.2.1: INFANTS

3.2.2: CESTUI QUE TRUST

3.2.3: CORPORATIONS

3.2.4: PUBLIC TRUSTEES

3.2.5: SOLICITOR TO THE TRUST/TRUSTEE

3.3.0: NUMBER OF TRUSTEES TO BE APPOINTED

3.4.0: TERMINATION OF TRUSTEESHIP

3.4.1: DISCLAIMER

3.4.2: RETIREMENT

3.4.3: REMOVAL

3.4.4: DEATH

3.5.0: CONCEPT OF TRUST PROPERTY

3.5.0: INTRODUCTION

3.7.1: WHAT PROPERTY MAY BE HELD ON TRUST

3.7.2.0: TRACING OF TRUST PROPERTY

3.7.2.1: TRACING AT COMMON LAW

3.7.2.2.: TRACING IN EQUITY

3.8.0: CONCLUSION

CHAPTER 4

THE LEGAL LINK BETWEEN TRUST PROPERTY AND TRUSTEE UNDER THE NIGERIAN LEGAL SYSTEM

4.0.0: INTRODUCTION

4.1.0 VESTING OF TRUST PROPERTY IN THE TRUSTEE

4.2.0: MANAGEMENT OF TRUSTS PROPERTY BY THE TRUSTEE

4.3.0: DUTIES OF TRUSTEE OVER TRUSTS PROPERTY

4.3.1: GENERAL DUTIES OF A TRUSTEE OVER TRUSTS PROPERTY

4.3.2: FIDUCIARY DUTIES OF A TRUSTEE OVER TRUSTS PROPERTY

4.4.0: POWERS OF A TRUSTEE OVER THE TRUSTS PROPERTY

4.5.0: CONCLUSION

CHAPTER 5

GENERAL CONCLUSION

5.0.0: CONCLUSION

5.1.0: RECOMMENDATION

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