implied trust
- An implied trust is a special type of trust that's not specifically created by written or spoken agreement. Instead, it becomes effective due to particular situations or actions, often to ensure fairness or prevent the occurrence of fraud
- When the property was sold, an implied trust was created to ensure that the proceeds were fairly distributed to the heirs.
- In order to prevent fraud, the court established an implied trust that required the funds to be used exclusively for the benefit of the nonprofit organization.
- Due to the vague nature of the deceased's will, an implied trust was set up to safeguard the interests of the beneficiaries.
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