Totten Trust

Totten Trust
A trust created by a bank deposit made by one person of his own money in his own name as trustee for another, such being a tentative trust merely, revocable at will, until the depositor dies or completes the gift in his lifetime by some unequivocal act or declaration, such as delivery of the passbook or notice to the beneficiary. Anno: 38 ALR2d 1244 et seq.; 10 Am J2d Banks § 392; Restatement, Trusts 2d § 58. A savings account deposit by one person of his own money in his own name as trustee for another, standing alone, is a tentative trust, revocable at will until the depositor dies or completes the gift in his lifetime. Re Rodgers' Estate, 374 Pa 246, 97 A2d 789, 38 ALR2d 1238. totum. The whole. Totum praefertur unicuique parti. The whole is preferred to any one part.

Ballentine's law dictionary. . 1998.

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  • Totten trust — see trust Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. Totten trust …   Law dictionary

  • Totten trust — A Totten trust (also referred to as a Payable on Death account) is a form of trust created where one party (the settlor of the trust) places money in a bank account or security with instructions that upon the settlor s death, whatever is in that… …   Wikipedia

  • Totten trust — noun a savings account deposited by someone who makes themselves the trustee for a beneficiary and who controls it during their lifetime; afterward the balance is payable to the previously named beneficiary • Syn: ↑savings account trust, ↑savings …   Useful english dictionary

  • Totten trust — noun A form of trust created where one party (the settlor of the trust) places money in a bank account or security with instructions that upon the settlors death, whatever is in that account will pass to a named beneficiary. Syn: Payable on Death …   Wiktionary

  • Totten trust — /tot n/, Law. a trust created by opening a savings account in which the depositor is trustee for another, such trust being revocable at any time during the depositor s lifetime. * * * …   Universalium

  • trust — n 1 a: a fiduciary relationship in which one party holds legal title to another s property for the benefit of a party who holds equitable title to the property b: an entity resulting from the establishment of such a relationship see also… …   Law dictionary

  • Totten — may refer to:* Alex Totten, Scottish football player and manager * Charles Adelle Lewis Totten, (1851–1908), an American military officer, a professor of military tactics, a prolific writer, and an influential early advocate of British Israelism… …   Wikipedia

  • trust — A legal entity created by a grantor for the benefit of designated beneficiaries under the laws of the state and the valid trust instrument. The trustee holds a fiduciary responsibility to manage the trust s corpus assets and income for the… …   Black's law dictionary

  • trust account — noun a savings account deposited by someone who makes themselves the trustee for a beneficiary and who controls it during their lifetime; afterward the balance is payable to the previously named beneficiary • Syn: ↑savings account trust, ↑savings …   Useful english dictionary

  • Discretionary trust — Wills, trusts and estates …   Wikipedia

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