PART III 4. Implied trust founded upon equity.............................................................

641
5. Distinctions between express trusts and implied trusts ........................... 642
6. Implied trust converted to express trust..................................................... 643
TITLE V
7. Acquisition of property through prescription ........................................... 644
8. Acts amounting to repudiation of trust ...................................................... 646
TRUSTS (n) 9. Prescriptibility of action for reconveyance based on implied trust ........ 648
(Arts. 1440-1457) 10. Laches in action to enforce a trust ............................................................... 656

Chapter 1. — General Provisions Article 1448 ..................................................................................................................... 658

Article 1440 ..................................................................................................................... 619 1. Sale to a party but price paid by another.................................................... 658
2. Purchase by a person with his own funds for another ............................. 661
1. Concept of trust .............................................................................................. 619
2. Concept not new ............................................................................................ 620 Article 1449 ..................................................................................................................... 661
3. Trust distinguished from other relations .................................................... 621
1. Donation to a person but beneficial interest vested in another ............... 662
4. Persons involved in the creation of an express trust ................................ 622
5. Trustor as trustee or beneficiary................................................................... 623
6. Trust property ................................................................................................. 623 Article 1450 ..................................................................................................................... 662
7. Nature of ownership of trustee and beneficiary ........................................ 623 1. Purchase with borrowed funds .................................................................... 662
8. Character of office of trustee ........................................................................ 624
9. Necessity of existence of beneficiary ........................................................... 625 Article 1451 ..................................................................................................................... 663
1. Legal title to land inherited by heir placed in name of another ............. 664
Article 1441 ..................................................................................................................... 625
1. Classification of trusts ................................................................................... 626 Article 1452 ..................................................................................................................... 664
2. Elements of express trust .............................................................................. 627
1. Legal title to property purchased taken in one co-owner ........................ 664
Article 1442 ..................................................................................................................... 629
Article 1453 ..................................................................................................................... 666
1. Principles of the general law of trusts adopted ......................................... 629
2. Termination of express trust ......................................................................... 630 1. Conveyance under a promise to hold for, or transfer to another............ 667

Chapter 2. — Express Trusts Article 1454 ..................................................................................................................... 667

1. Absolute conveyance to a person to secure
Article 1443 ..................................................................................................................... 631 performance of grantor’s obligation .................................................. 668
1. Evidence to prove trust ................................................................................. 631
Article 1455 ..................................................................................................................... 668
Article 1444 ..................................................................................................................... 632 1. Purchase of property with use of trust funds ............................................ 668
1. Creation of an express trust .......................................................................... 632
2. Terminology used not controlling ............................................................... 633 Article 1456 ..................................................................................................................... 669
3. Kinds of express trusts .................................................................................. 634 1. Acquisition of property through mistake or fraud ................................... 669
4. When trustee may sue or be sued alone ..................................................... 635
Article 1457 ..................................................................................................................... 678
Article 1445 ..................................................................................................................... 636
1. Proof of implied trust .................................................................................... 678
1. Acceptance, declination, or renunciation by the trustee .......................... 636

Article 1446 ..................................................................................................................... 637 General Index ................................................................................................................... 680

1. Acceptance of trust by the beneficiary ........................................................ 637 Case Title Index ............................................................................................................... 696

Chapter 3. — Implied Trusts

— oOo —
Article 1447 ..................................................................................................................... 638
1. Concept of implied trust ............................................................................... 638
2. Kinds of implied trust ................................................................................... 638
3. Enumeration of cases of implied trust not exclusive ................................ 640

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