a thesis - Institute of Advanced Legal Studies

92 IMPLIED TRUSTS.
6. Testator directs his executors to lay out 30,000/. in land, and
to pay the income to A. for life, with remainder to a charity. The
executors do not actually lay out the money before A.'s death.
The gift to the charity failing under the Charitable Uses Act,
testator's next of kin are entitled to the 30,000/. Cogan v. Stephens
(1835), 1 Beav. 482, n.
7. Testatrix gives B. a promissory note " for the purpose of
enabling B. to present to either branch of my family, and principal
and interest therein, as B. may consider most prudent." This
being a trust which cannot be executed, B. holds the note in trust
for testatrix's estate. Stubbs v. Sargon (1838), 3 My. & Or. 507.
(c) Trust Executed without Exhausting Property.
8. A wife mortgages her estate to secure her husband's debt,
and the equity of redemption is reserved to the heirs of the husband.
The husband holds the property in trust for the wife and
her heirs. Brendv. Brend (1683), 1 Yern. 213; of. Huntingdon v.
Huntingdon (1702), 2 Br. P. C. Toml. 1; and Jackson v. Innes
(1819), 1 Bligh, 104.
9. A. devises real estate to a trustee on trust to pay his debts.
If after paying all A.'s debts there is any surplus, the trustee
holds it in trust for the heir. King v. Denison (1813), 1 Y. & B.
279; In re West, (1900) 1 Ch. 84, is to the like effect.
10. A., being in want of money, induces his wife to assign to
him a leasehold house to enable him to raise money by mortgaging
it. A., after effecting the mortgage, holds the equity of redemption
in trust for his wife. In re Duke of Maryborough, (1894) 2
Ch. 133.
11. A fund is raised by subscription for the maintenance of
two distressed ladies, a portion of which remains unapplied at the
death of the survivor. There is a resulting trust of the balance of
the fund for the subscribers to it. In re the Trusts of the Abbott
Fund, (1900) 2 Ch. 326.
Where, however, the owner appears to intend to dispose of the
whole beneficial interest by the transfer there will be no resulting
trust, although the transfer is made for a particular object which is