- Applicable law and transfer of title — Contract and transfer of title
This chapter discusses the transfer of choses in action on trust. There are two different ways of constituting a trust, whether of a chose in action or of other property. A trust can be constituted either by the settlor declaring that property held by him is to be held by him on trust, or by the settlor transferring property to trustees and declaring the trusts on which such property is held by the trustees. The chief difference between these two mechanisms for the creation of a trust is that the latter involves the transfer of property from settlor to trustees, whereas the former does not. Where the trust property is a chose in action, the transfer of the property to trustees inevitably involves an assignment. To this extent, therefore, there is overlap in the requirements for a successful assignment and the requirements for a successful transfer to trustees.
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