declaration of trust

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A statement by the legal owner of property indicating that this property is to be held on trust. No specific words are necessary, as long as the intention to declare a trust is made clear. In most cases, the person intended to be trustee holds the property once a valid declaration of trust has been made. However, a declaration of a trust where the trust property is land is subject to certain formalities, detailed in the Law of Property Act 1925 (s 53). See completely constituted trust; express trust.

Subjects: Law.

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