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72.330 Implied Trusts; Purchase Money Resulting Trust
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Description
72.330 Implied Trusts; Purchase Money Resulting Trust A purchase money resulting trust is a resulting trust implied for the benefit of the person paying consideration for the transfer to another person of legal title to real or personal property. Such payment of consideration shall create a presumption in favor of a resulting trust, but this presumption is rebuttable by a preponderance of the evidence. However, if the payor of consideration and transferee of the property are husband and wife, parent and child, or siblings, a gift shall be presumed, but this assumption is rebuttable by clear and convincing evidence. O.C.G.A. §53-12-92 (Note: If this is charged, instructions on "preponderance of the evidence" and "clear and convincing evidence" may be needed.) In order to establish the existence of a purchase money resulting trust, one must show that such a trust was contemplated by both parties by way of an agreement that is either express or implied by the circumstances or conduct of the parties, and such an agreement must have existed at the time the transaction was consummated. Burt v. Skrzyniarz, 272 Ga. 37 (2000) Ford v. Ford, 243 Ga. 763, 764-765 (1979)