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English to English translations [PRO]
Law/Patents - Law (general) | | English term or phrase: During the Trust Period upon trust to accumulate .... | I am translating a Declaration of Trust in to Greek and the phrase I do not quite understand is "upon trust". The context is:
"the Trustees shall hold the Trust Fund and the income thereof upon the following trusts:
I) During the Trust Period upon trust to accumulate any part of the income ....II) At the expiration of the Trust Period upon trust, aboslutely, for such of the Beneficiaries as are then in existence ..."
I would very much appreciate some help. |
| | | see explanation | Explanation:
The words "On Trust" are of fundamental importance otherwise the deed would transfer the assets to the trustees beneficially, i.e. as a gift to them, when the intention is that the trustees will hold the assets on behalf of the beneficiaries, who are the beneficial (i.e. real) owners of the trust assets. I do not speak Greek but your translation must convey the idea that the Trustees own the assets on behalf of the beneficiaries. |
| Selected response from:
  MARK ROBERTSON
Local time: 02:17
| Grading comment Apologise for taking so long. Your explanation most helpful. Thank you.
4 KudoZ points were awarded for this answer |
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| Changes made by editors |
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| Nov 23, 2011 - Changes made by MARK ROBERTSON: | | Created KOG entry | KudoZ term => KOG term |
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