This case has been cited 2 times or more.
|
2015-09-16 |
PERALTA, J. |
||||
| As to whether or not an implied trust was created in respondent's favor, the first sentence of Article 1448 of the Civil Code provides that "[t]here is an implied trust when property is sold and the legal estate is granted to one party but the price is paid by another for the purpose of having the beneficial interest of the property." This is sometimes referred to as a purchase money resulting trust, the elements of which are: (a) an actual payment of money, property or services, or an equivalent, constituting valuable consideration; and (b) such consideration must be furnished by the alleged beneficiary of a resulting trust.[35] The principle of a resulting trust is based on the equitable doctrine that valuable consideration, and not legal title, determines the equitable title or interest and are presumed always to have been contemplated by the parties.[36] They arise from the nature or circumstances of the consideration involved in a transaction whereby one person thereby becomes invested with legal title but is obligated in equity to hold his legal title for the benefit of another.[37] | |||||
|
2015-07-01 |
MENDOZA, J. |
||||
| Constructive trusts are created by the construction of equity in order to satisfy the demands of justice and prevent unjust enrichment.[41] Article 1456 of the Civil Code provides that a person acquiring property through fraud becomes, by operation of law, a trustee of an implied trust for the benefit of the real owner of the property.[42] It is now well-settled that the prescriptive period to recover property obtained by fraud or mistake, giving rise to an implied trust under Article 1456 of the Civil Code, is 10 years pursuant to Article 1144.[43] The prescriptive period to enforce the constructive trust shall be counted from the alleged fraudulent registration or date of issuance of the certificate of title over the property.[44] The ten-year prescriptive period applies only if there is an actual need to reconvey the property as when the plaintiff is not in possession of the property.[45] | |||||