The applicant sought a determination regarding $172,500 held in trust from the proceeds of sale of a residential property.
The respondent asserted that monies previously provided to the applicant for tuition and living expenses gave rise to a purchase money resulting trust entitling him to those proceeds.
The court reviewed the principles governing resulting trusts and the presumption of advancement, including the requirement that the claimant provide purchase money at the time of acquisition and demonstrate an intention to retain a beneficial interest.
The evidence did not establish that the respondent contributed to the purchase price or that the funds provided earlier were loans or intended to create a beneficial interest in the property.
The court concluded that no resulting trust arose and ordered that the trust funds be released to the applicant.
