Pure Trust
A term often used to refer to a trust brought into existence pursuant to the common law right of contract. These contractually created entities are generally formed through the utilization of two basic documents. The first document is the Declaration of Trust under which a Trustee receives property from a Creator or Grantor and contractually obligates himself, upon receipt of the property, to manage the property. The second document is the Trust Indenture. The Trustee accepting the property and undertaking to manage this corpus is contractually bound to follow, strictly, the specific terms of the Trust Indenture in carrying out his duties. Thus, the documents creating the Trust impose contractual obligations on the trustee to act as Fiduciary with respect to the property and funds placed in his hands, initially by the Creator or Grantor.See Also
Business Trust
Business Trust Organization
Common Law Trust
Massachusetts Trust
Pure Trust
Unincorporated Business Organization Trust
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