Contractual Trust

A contractual trust is a trust created by contract, such as a revocable living trust document. It is opposed to a trust declared by the equitable powers of the court to prevent unjust enrichment. For example, in some cases where there isn’t a contractual trust, the court may find a trust exists out of the principles of fairness. A constructive trust is a legal concept created by the courts against one who, by fraud, wrongdoing, or any other unconscionable conduct, either has obtained or holds legal right to property which he ought not to, in good conscience, keep and enjoy.