reword to sound different: The Quistclose trust is a 'mechanism by which one person may allow use of his or her money by another for a stated purpose without losing the right to the money more than necessary to achieve the purpose. These instruments are treated most commonly as express trusts or resulting trusts. This type of trust can be created to carry out a non-charitable purpose but it is not a purpose trust in the strict sense since the beneficiary is an identifiable person

The reason why it is considered a resulting trust is because the lender retains an equitable interest in the money lent. If the specific purpose for which the money was lent fails, the equitable interest 'results back' to the lender. This is the essence of a resulting trust - a trust that arises by operation of law where the legal title to property is transferred but the beneficial interest is not, or where the beneficial interest is returned to the person who originally held the legal title.