1066. Equitable interests.

Where property is held by a nominee or a bare trustee for one beneficiary, the equitable interest is situated where the property is situated1. Where a person has an interest in possession2 in settled property3 he is treated4 as being beneficially entitled to the property itself, and so liability5 will be determined by reference to the situs of that property6.

Where a person is absolutely entitled to a beneficial interest in trust property his interest is situated where the trust property is situated