First, he asserts that in a normal commercial transaction, one party generally does not hold property in trust for the benefit of the other. I reject that assertion for two reasons. First, there is the purchase money resulting trust, which seems to exist for the express purpose of dealing with, inter alia, commercial transactions where one party does not take title to the property. Second, there are a number of other trusts that have been found to exist in commercial circumstances. Indeed, the Soulos v. Korkontzilas decision I cited in my previous reasons contains a detailed discussion on the types of trusts, and when they have been found to exist. It is a broad, equitable remedy designed to remedy wrongs such as the ones that were committed by the Defendants in this case.
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