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 fits the description of a resulting trust, where the legal owner of the property (X) holds it in trust for the beneficiary (Y) who has contributed towards the purchase price but is not named on the title. In a resulting trust, the intention to create a trust is implied from the circumstances, such as the contributions made towards the purchase of the property. It is not an express trust, as there was no formal declaration or written agreement establishing the trust. It is not a discretionary trust, as there is no discretion given to X on how to manage or distribute the property. It is not a unit trust, as there are no units of entitlement or formal trust structure established.

X and Y Buy a House Together, Each Contributing Half