A Trust Created by Will and Effective After the Death

question 39

Multiple Choice

A trust created by will and effective after the death of a testator is called a(n) :

• A) charitable trust.
• B) cy pres trust.
• C) inter vivos trust.
• D) testamentary trust.

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Definitions:

Pooling Agreement

An agreement made by shareholders whereby they promise to vote the same way on a particular issue. Also called shareholder agreements and voting agreements.

Breach of Contract

The failure of one party to fulfill any of its contractual obligations without a valid legal reason, leading to possible legal action by the other party.

Chemical Plant

An industrial facility where chemical processes are carried out, especially the manufacture of chemicals or pharmaceuticals.

Corporate Veil

A legal concept that separates the personality of a corporation from the personalities of its shareholders, protecting them from personal liability for the corporation's debts and obligations.