Law Lessons from DAN STEPHENSON, Personal Representative of ESTATE OF JACK M. MURRAY v. WILLIAM E. SPIEGLE, III, ESQUIRE, __ N.J. Super. __ (App. Div. 2013), A-4193-11T2, January 31, 2013:
As explained in Pedrick v. Guar. Trust Co., 123 N.J. Eq. 395, 400 (Ch. 1938), when “an express trust does fail, in whole or in part, for any reason, the equitable interest automatically returns to the settlor and his successors in interest and the beneficial interest is considered as never having left the settlor.” See George Bogert and Ronald Chester, The Law of Trusts and Trustees § 468 at p. 572 (2005); Restatement (Third) of Trusts § 8; see also Estate of Hann v. Hann, 614 N.E.2d 973, 978 (Ind. App. 1993) (imposing a resulting trust on a bank account in light of the parties’ mistaken or inadvertent failure to create a right of survivorship).
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