The common law trust has long been a feature in many kinds of commercial arrangements. It has certain unique characteristics which set it apart from other legal relationships, such as contract, agency and Bailment. This Practice Note sets out some of the many uses to which it has been, and may yet be possible, to put a trust which is created intentionally in order to fulfil a commercial purpose. Trusts that are created by operation of law regardless of the parties' intention or as a result of litigation are outside the scope of this Practice Note.
What is a trust?
See Practice Notes: An introduction to trusts for commercial lawyers and Nature and classification of trusts—the nature and classification of trusts. For information on what a trust is, the different types of trust and the Requirements for a valid trust. This Practice Note also outlines the role of trustees and the extent of the trustees’ powers and Liabilities.
Commercial advantages of a trust
Certain features of the trust make it a very useful vehicle for commercial purposes.
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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Bailment definition
What does Bailment mean?
Bailment is the legal relationship whereby one person, the bailee, is voluntarily and knowingly in possession of goods belonging to another person, the bailor.
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