The property or corpus held in a trust as the subject matter of the trust relationship. The res must be specifically identifiable property that is segregated from the trustee's personal assets and devoted to the trust purposes.
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How its tested
Common Examples
6
Judge Comments on Trust Assets
Judge Harlan learns that a pending probate matter involves a valuable art collection serving as the res of a disputed trust. He publicly states that the collection should be sold immediately to benefit the beneficiaries. The statement risks impairing the fairness of the proceeding because it could influence parties and witnesses regarding the res.
State Law on Trust Property
State legislators attempt to enact a statute declaring that certain foreign currency holdings qualify as legal tender for satisfying debts owed by trust res. The law directly contravenes the constitutional prohibition on states making anything but gold and silver coin a tender in payment of debts, rendering the statute invalid as applied to the trust assets.
A federal prosecutor seeks to disclose grand jury testimony revealing the location of cash that constitutes the res of an alleged criminal trust. The disclosure is permitted only to government personnel assisting in enforcing federal criminal law, and the res itself remains protected from broader release.
Mediator Explains Role in Trust Dispute
Attorney Quinn serves as a mediator in a dispute over whether certain real estate forms the res of an oral trust. Quinn informs the unrepresented family members that she represents neither side and explains that her role differs from that of counsel who would advocate for a client's claim to the res.
Choice of Law for Trust Assets
Parties dispute ownership of corporate stock certificates that form the res of a trust created in one state but physically located in another. The court applies the local law of the state with the most significant relationship to the res and the parties to determine their respective interests.
Contract Term Defining Trust Property
Riley Rivera and Reliance Insurance execute an agreement stating that premium payments will be held as the res of a trust for policy beneficiaries. The clause constitutes a term of the promise because it manifests the parties' intention regarding a particular matter concerning the trust property.
4 common questions
Students Frequently Ask...
What does the res of a trust consist of?
The res consists of specifically identifiable property that is legally owned by the trustee and must be segregated from the trustee's personal assets. It is also called the corpus or principal of the trust.
How does the res differ from a debt owed by a trustee?
A trust res must be specifically identifiable property that is separated from the trustee's other assets. In contrast, a debt is merely an obligation to pay a sum of money that need not be segregated or traceable to particular funds.
Can contingent fees be charged when a case produces a res?
Contingent fees are generally permitted when the matter produces a res, such as a pool of recovery money. Exceptions exist for domestic relations and criminal cases even when a res is involved.
Why must the res be traceable in bankruptcy trust claims?
A claimant seeking to recover trust property in bankruptcy must identify the specific trust res. Without tracing, the property cannot be distinguished from the debtor's general assets and the trust claim fails.
5 U.S. (1 Cranch) 137 (1803)
…but the court's province is solely to decide the rights of individuals, not to inquire into executive discretion. If the matter pertains to a paper upon record or to copies to which the law gives a right, and not to executive discretion, the exalted station of the officer does not bar a citizen from asserting legal…