TRUST, DEFINED
> A trust is a fiduciary relationship with respect to property which involves the existence of equitable duties imposed upon the holder of the title to the property to deal with it for the benefit of another
> A person who establishes a trust is called the trustor while the one whose confidence is reposed is the trustee, and the person for whose benefits the trust has been created is referred to as the beneficiary
> It is the right to the beneficial enjoyment of property, the legal title to which is vested in another
PARTY ACQUIRING PROPERTY BY MISTAKE CONSIDERED TRUSTEE OF AN IMPLIED TRUST
NO TRUST CAN RESULT IN FAVOR OF A PARTY WHO IS GUILTY OF FRAUD OR VIOLATES PUBLIC POLICY
> There can be no implied trust where the purchase is made in violation of an existing statute and in evasion of its express provision, since no trust can result in favor of the party who is guilty of the fraud
NO PARTICULAR FORM REQUIRED BY LAW WITH REGARD TRUSTS PRESCRIPTIVE PERIOD
> Ten years from the repudiation of the trust
> It is ten years because just as a resulting trust is an offspring of the law, so is the corresponding obligation to convey the property and title thereto to the true owner.
> Reckoning point of repudiation is from the moment his possession thereof becomes adverse
TRUSTS, HOW EXPRESSED AND REGISTERED
> If a deed or other instrument is filed in order to transfer registered land in trust, or upon any equitable condition or limitation expressed therein, or to create or declare a trust or other equitable interests in such land without transfer, the particulars of the trust, condition, limitation or other equitable interest shall not be entered on the certificate but only a memorandum thereof shall be entered by the words “in trust”, or “upon condition”, or other apt words, and by a reference by number to the instrument authorizing or creating the same
> A similar instrument shall be made upon the original instrument creating or declaring the trust or other equitable interest with a reference by number to the certificate of title to which it relates and to the volume and page in the registration book in which it is registered
> No instrument which transfers, mortgages, or in any way deals with registered land in trust shall be registered, unless the enabling power thereto is expressly conferred in the trust instrument or unless a final judgment or order of court of competent jurisdiction has construed the instrument in favor of
the power, in which case a certified copy of such judgment or order may be registered
IF A NEW TRUSTEE OF REGISTERED LAND IS APPOINTED BY THE COURT, A NEW CERTIFICATE MAY BE ISSUED TO HIM UPON PRESENTATION TO THE RD OF A CERTIFIED COPY OF THE ORDER OR JUDICIAL AGREEMENT AND THE SURRENDER FOR CANCELLATION OF THE DUPLICATE CERTIFICATE
REGISTRATION OF CLAIM BASED ON IMPLIED TRUST
> For the protection of persons claiming an interest in registered land by reason of an implied trust, he should file with the RD a sworn statement
o Containing the description of the land
o The name of the registered owner
o A reference to the number of the certificate of title
