Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

Purchase Money Resulting Trust

Read a random definition: common jury

A quick definition of Purchase Money Resulting Trust:

Purchase Money Resulting Trust: When a couple buys a house together but only one person's name is on the title, the law says that the other person still has a right to the house if the title-holder dies without a will. This is called a purchase money resulting trust. The non-title holding partner can get the house if they paid for it too.

A more thorough explanation:

A purchase money resulting trust is a legal concept used in trusts and estates law. It applies to domestic partnerships when both partners contribute to the purchase of a property, but only one partner's name is on the title. If the partner whose name is on the title dies without a will, the purchase money resulting trust is awarded to the non-title holding partner.

This means that the non-title holding partner will receive the property as a result of their contribution to the purchase, even though their name is not on the title. However, this is only true if the non-title holding partner can prove that they gave consideration (such as money or labor) for the property.

John and Jane are in a domestic partnership and decide to buy a house together. They both contribute money towards the down payment, but only John's name is on the title. Unfortunately, John dies without a will. Because they were in a domestic partnership and both contributed to the purchase, Jane can claim a purchase money resulting trust and receive ownership of the house.

Another example could be a situation where a couple buys a car together, but only one person's name is on the title. If that person dies without a will, the other partner may be able to claim a purchase money resulting trust and receive ownership of the car.

Purchase Money Mortgage | Purchase-money collateral

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
Just got my Michigan rejection
BookwormBroker
16:10
same
RoaldDahl
16:10
@HopefullyInLawSchool: what if i already got rejected. does it mean anything
HopefullyInLawSchool
16:12
@RoaldDahl: Likely not however it could mean nothing
RoaldDahl
16:15
So if it means nothing does that mean something?
HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
Right. Broken links smh
I've been UR since first/second week of Jan, no updates otherwise, is that a bad sign? At or above median LSAT and above 75th gpa.
LSD+ is ad-free, with DMs, discounts, case briefs & more.