Law of Trusts

[motla68]

No need to apologize. Ask away!!
That's why I created this thread: to aide in inquiry as well as build a basis.

Trustee = Administrator
Settlor = Creator of the trust
Beneficiary = the person or entities that receive benefits from the trust and are the true owners of the trust in equity.

To use a historical example, the King of England would have his sheriff collect dues from his subjects. The trust in this instance is:

Trustee= King/Sheriff
Settlor = King
Beneficiary = Subjects (in actuality, the true beneficiaries are the King, clergy, and nobility, but that is another story for another day ....)

The King created the system (supposedly for the benefit of his subjects) for their protection.
There is also a principal-agent relationship occurring here between the King and his man (Sheriff).

Both the King and the Sheriff derive compensation for administering the trust (in addition to the King's Courts regulating the rights and duties of all parties involved).


As another example, we have drivers licenses. The parties are:

Settlor = "the People"
Trustee = government
Beneficiary = "the general Public"

The trustee derives compensation from the arrangement. Persons are the subjects of licensing and licensing acts and statutes for the benefit of the general Public.

If there is anything I am missing or should be added, feel free!

I got a question to propose to you from your analogy here, A Retired cabinet maker, lets call him man#1 gives you a gift man#2, half of his warehouse of wood, but you do not have the machines to make cabinets, another man comes along, man#3 and says he needs wood to make cabinets for his home, you could also use a couple cabinets so you strike a deal of consideration, you man#2 will "give" him wood if he man#3 makes you 2 cabinets out of the wood, the other man#3 agrees and a couple months later comes back with 2 cabinets. Who plaid what role position in this trust?
[ handshake with 2 or more witnesses - both agreed no paper was needed ]

It is my conscience that certain roles can be switched by re-negotiating how instruments are presented, not necessarily by face value. All Instruments are negotiable unless on it's face it says non-negotiable.