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| A --- is a fiduciary relationship in which legal title to property (--- corpus) is held by one or more parties (the trustee) for the use, enjoyment, and benefit of another (the beneficiary). |
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| A type of trust established by voluntary action by the creator (settlor); usually in writing, although it may be oral. |
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| Type of express trust in a will; it becomes effective after the settlor's death. |
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| Type of express trust established during the settlor's lifetime |
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| Type of express trust that has as its purpose the benefit of humankind. |
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| Type of express trust designed to remove the trust estate from the beneficiary's control and from liability for his individual debts. |
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| Type of express trust which is a tentative trust consisting of a joint bank account opened by the settlor (creator of the trust). |
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Testamentary Trust
Inter Vivos Trust
Charitable Trust
Spendthrift Trust
Totten Trust
Are all types of what kind of trust |
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| An implied trust imposed to rectify fraud or to prevent unjust enrichment. |
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| An implied trust imposed to fulfill the presumed intent of the settlor. |
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| Constructive Trusts and Resulting Trusts are types of: |
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| The three primary duties of a trustee are to: |
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(1)carry out the purposes of the trust
(2)act prudently
(3)act with utmost loyalty. |
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| The general rule is that the trust is irrevocable unless a power of revocation is reserved in the trust instrument. This is called: |
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| A written instrument, executed with the formalities required by statute, whereby a person makes a disposition of his property to take effect after his death. |
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(1)in writing
(2)signed
(3)attested to by witnesses. |
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| A will is revocable by the testator and under certain circumstances may be revoked by operation of law. These include: |
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Destruction or Alteration
Subsequent Will
Codicil
Marriage |
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| An addition to or revision of a will executed with all the formalities of a will. |
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| Condition of person who dies without a valid will. |
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| The court's supervision of the management and distribution of the estate. |
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| A person who is responsible for collecting the assets, paying the debts, and disbursing the remainder according to the will or intestate statute. |
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| Executor or Administrator |
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| The person named in the will and appointed by the court to administer the will. |
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| Person appointed by the court to administer the estate when there is no will or if the person named in the will fails to qualify. |
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| Type of liability for non-intentional and non-negligent conduct |
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| Insurers three main defenses include: |
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Misrepresentation
Breach of Warranty
Concealment |
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| False representation of a material fact, justifiably relied upon by the insurer |
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| Failure of required condition |
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| Fraudulent failure of the applicant for insurance to disclose material facts that the insurer does not know |
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| Insurance companies cant single you out for breaches when other insurees in the same situation have gotten away with it |
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| Security interest by possession |
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| A Consignor or Consignee are also called: |
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| Written document containing the terms of shipment |
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| Property principle in which one could dispose (pass ownership) fully or partially |
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| --- is a division of property based on interest of ownership |
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| --- is a forced sale in which profits go to interest of ownership |
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| The first land titles of Lafayette county dates back to: |
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| Beginning point of all titles in severed lands |
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| Titles in Mississippi are recorded where? |
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| Under Mississippi Law, one may acquire a title after --- years of notoriously using and living on land |
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| In wills, the term used on a legal principle governing a non-existent gift |
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