Business, Legal & Accounting Glossary
adj. a legal fiction for treating a situation as if it were actually so. Some examples help to clarify this term: a) although Jeremiah Gotrocks does not have the jewellery in his possession, he has the key to the safe deposit box and the right to enter so he has “constructive possession”; b) although there is no written trust document, George Holder has picked up $10,000 in bearer bonds from the post office box of his niece Tess Truehart, who gave him her post office box combination while she was travelling in Europe-this makes Holder her “constructive trustee.
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This glossary post was last updated: 27th April, 2020 | 0 Views.