X and Y buy a house together, each contributing half of the cost.The house is registered in the name of X, that is, X is the legal owner of the house.X will be a trustee and Y will be a beneficiary under:

Question

Quizplus · Accepted Answer

This scenario describes a situation where X holds legal title to the property, but it is understood that Y also has an equal beneficial interest in the property. This is an example of a constructive trust, where the legal owner holds the property on trust for the beneficiary. The other options do not fit this scenario - an express trust would require a clear intention to create a trust and a set of specific terms, a discretionary trust would involve a trustee with the power to decide how to distribute the trust property, and a unit trust would involve the property being held as part of a larger investment scheme.

X and Y Buy a House Together, Each Contributing Half