Also known as: for benefit of · FBO
Written by attorneys · grounded in primary & secondary sources — see below
An expression indicating that property, rights, or actions are directed toward or held to the advantage of a specified party.
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Flagship Logistics borrowed funds from Frontier Capital and executed a deed of trust conveying title to a trustee. The trustee held the property until Flagship repaid the loan. Upon repayment the trustee reconveyed title to Flagship.
Freya Freeman entered Francisco Frost's storage unit to move a leaking barrel that threatened to damage both parties' stored goods. The barrel ruptured during the move and ruined some of Frost's inventory. Frost sued Freeman for conversion of the chattel.
Farah Fox created a trust to hold rental properties for her three children. The trust instrument directed the trustee to distribute income and principal solely to the children according to their needs. A creditor challenged the trust as serving an improper purpose.
Ferrum Metals held a junior mortgage on an office building owned by Fulton Shipping. After default Ferrum obtained appointment of a receiver who collected rents. The receiver applied the rents first to taxes and maintenance before paying the junior debt.
Felicia Fuentes held a power to appoint trust assets among her descendants. She attempted to appoint the assets to her son on condition that he first pay a debt owed to an outside creditor. The attempted appointment was challenged as ineffective.
Flora Ford owned a single corner lot and petitioned the city to rezone it from residential to commercial use. The rezoning would allow a large retail store inconsistent with the surrounding residential neighborhood and the comprehensive plan. Neighbors sued to invalidate the ordinance.
Title is conveyed to a trustee who holds it until the debt is paid, at which point the trustee reconveys title to the borrower.
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A trust fails if its purposes are unlawful, contrary to public policy, or impossible to achieve, or if its terms do not benefit the designated beneficiaries.
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The actor remains subject to liability for any harm caused by exercising a privilege such as trespass to chattels or land.
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