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statutory trust
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statutory trust

law
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Quick Summary

A statutory trust is a trust that is created or authorized by a statute. These trusts can be established for various purposes, such as the care of animals, or to benefit individuals in specific legal situations like wrongful death claims or for social security trust funds.1

In Anglo-American law, a trust is a relationship where one party (the trustee) has the power to manage property, and another party (the beneficiary) has the right to receive benefits from that property. This involves a division of ownership between legal and equitable interests. Express trusts are consciously created, often for family settlements or charitable gifts, while constructive trusts are imposed by courts to remedy legal wrongs.2

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