Where a person acquired property with notice of an existing trust, the former must hold the property for the benefit of the latter to the extent necessary to give effect to the trust.

Purchase by person contracting to buy property to be held for others Purchase by person contracting to buy property to be held for others.—Where a person contracts to buy property to be held on trust for certain beneficiaries and buys the property accordingly, he must hold the property for their benefit to the extent necessary to give effect to the contract.