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Ann. sec. 53-12-93 (1997). The texts of these statutory
provisions are set out in the margin.11
11 The relevant sections of the Georgia Trust Act, as
embodied in the Official Code of Georgia Annotated (1997), are as
follows:
53-12-90. Implied trusts.
An implied trust is either a resulting trust or a
constructive trust.
53-12-91. Resulting trusts.
A resulting trust is a trust implied for the benefit of
the settlor or the settlor’s successors in interest when it
is determined that the settlor did not intend that the
holder of the legal title to the trust property also should
have the beneficial interest in the property, under any of
the following circumstances:
(1) A trust is created but fails, in whole or in part,
for any reason;
(2) A trust is fully performed without exhausting all
the trust property; or
(3) A purchase money resulting trust as defined in
subsection (a) of Code Section 53-12-92 is established.
53-12-93. Constructive trusts.
(a) A constructive trust is a trust implied whenever
the circumstances are such that the person holding legal
title to property, either from fraud or otherwise, cannot
enjoy the beneficial interest in the property without
violating some established principle of equity.
(b) The person claiming the beneficial interest in the
property may be found to have waived the right to a
constructive trust by subsequent ratification or long
acquiescence.
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