A type of trust ( www.practicallaw.com/4-107-7416) that is imposed by law. It returns the beneficial ownership in the trust property back to the settlor ( www.practicallaw.com/7-107-7245) . It applies, for example, where:
The settlor of an express trust fails to tell the trustees ( www.practicallaw.com/8-107-7419) what to do with the trust property (or part of it). For example, Tilda sets up a discretionary trust ( www.practicallaw.com/6-107-6128) for the benefit of her siblings, but does not say what is to happen to the trust fund once her siblings have died. Her siblings die, and there are assets still held in trust. The trust assets are therefore held on a resulting trust for Tilda (or her estate ( www.practicallaw.com/2-382-5620) if Tilda has also died).
A purchaser fails to give a seller agreed consideration in exchange for receiving property. The beneficial interest in the property results back to the seller.