In the law of trusts the term "doctrine of merger" refers to the fusing of legal and equitable title in the event the same person becomes both the sole trustee and the sole beneficiary of a trust. In such a case, the trust is sometimes deemed to have terminated (with the result that the beneficiary owns the trust property outright).
Famous quotes containing the word doctrine:
“When the doctrine of allegiance to party can utterly up-end a man’s moral constitution and make a temporary fool of him besides, what excuse are you going to offer for preaching it, teaching it, extending it, perpetuating it? Shall you say, the best good of the country demands allegiance to party? Shall you also say it demands that a man kick his truth and his conscience into the gutter, and become a mouthing lunatic, besides?”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)