UNIT EIGHT

WHAT COUNTS AS PROPERTY?

First, what things should count as property"? Property must have some value'; and things have value only if they can be controlled; and the control for which the legal term is possession, can be physical or legal. Can one own fish in the sea? Not if (hey are swimming about freely. But if I am
fishing in a place where I have the right to fish and have caught fish in my
net I have them in my control and so I can own them.

Of physical things, the most basic sorts of property are land, including
the buildings on it, and goods such as clothes, furniture and vehicles . The person who occupies land maybe able to defend it with his strong right arm or his gun. The same is true of physical goods. But the value of land and
goods increases if they are legally secure.

Other sorts of property that can be physically controlled have little or no value apart from what law gives it. Take money. The metal in the coins or the paper in the banknotes is worth hardly anything. Money is worth what it claims to be worth only because the law gives it that worth. Law forces those who are owed
to accept the coins or notes in payment, and gives the state a monopoly (an exclusive right) of issuing money.

Notes

property -собственность, право собственности
value - цена, ценность
possession - владение

be legally secure - гарантироваться (защищаться) законом

TRUST

Trust in law, relationship between two or more parties in which one
party holds the legal title to property, subject to an obligation imposed by a
court, or expressly undertaken to keep or use the property for the benefit of

the other party or parties. The party who creates a trust is known as the settlor.
Trusts may be classified as express, resulting, or constructive. An
express trust is one that is created by the settlor's conveyance of property
by will or deed to a party, with the intention that the property is to be held

in trust for others. A resulting trust is one that is created when the intention is inferred or presumed from the terms of the disposition of the рroperty
or from the circumstances accompanying such disposition. Constructive
trust is one resulting from a conveyance of property in which no intention
to create a trust can be inferred but in which a court will compel the person having legal title to hold it for the benefit of another.

Notes

Trust - доверительная собственность

Relationship – отношения

Hold the legal title to property - иметь титры по общему праву на предмет траста

For the benefit – на благо

Settlor - учредитель доверительной собственности

Express trust - срочный активный фонд

Resulting trust – доверительная в силу правовой презумпции

Constructive trust – доверительная собственность в силу закона

Conveyance of property - передача собственности

By deed – по документу

Infer – означать, подразумевать

Disposition – распределение

Compel – заставлять, вынуждать

Ответьте на вопросы.

1. When do things have value?

2. What are the most basic sort of property?

3. Under what condition does the value of land and goods increase?

4. Give example of property having little or no value apart from what
law gives it.

5. What is a trust?

6. Who is called the settler?

7. How may trusts be classified?

8. Characterize each kind of trust.