purchase money resulting trust
- A type of trust that is established, unless prohibited by law, when one person buys a property with the title under another person's name using their own funds
- If a father uses his own funds to buy a house and puts the title under his son's name, a purchase money resulting trust may be created.
- John claimed that a purchase money resulting trust was created when he bought the car but put it under his friend's name.
- When Sally used her money to buy the apartment under her brother's name, it could be seen as a potential case of a purchase money resulting trust.
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