Page:Black's Law Dictionary (Second Edition).djvu/1184

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TRUST

active or passive, it would he more accurate and precise to substitute the terms. “perfect” and ‘‘imperfect’' for “cxecuted" and “executory” trusts. 1 Hayes, Conv. 85.—I-Jxecutory trust. One which requires the execution of some further instrument, or the doing of some further act. on the prtrt of the creator of the trust or of the trustee. towards its complete creation or full eficct. An c;re(~utcd trust is one fully created and of immediate eficct. These terms do not relate to the execution of the trust as_ regards the heneflciary. iilartlin V. Martilng, 55 N. J. E1]. 771. 39 Atl. 203; ‘arradine v. Carradine. 33 l\Iiss. 729: Cornweil \. Wiillf. 143 M0. 542. 50 S. WV. 439 45 L R A 53; In re Fair's Estate. 132 C . Pan 4-12. 84 Am. St. Rep. 70: P of v. Dandon. 46 N. J. Eq. 310. 19 Atl. 2:). xpress trust. A trust created or di Jared in exiness forms, and usually in writing, as distinguished from one inferred by the law from the nnduct or dealings of the parties. State v. Camp- bell. 5!) Kan. 246, 52 Pac. 454; Kanlian v. Toney (Tenn Ch. 913' McMonagie v. 1\IcGiinn (C. . . . Ransdol V. Moore. 153 Ind. 393, 53 N. E. 76 , -3 L. R. A. 733. Express trusts are those wh h are cre- ated in express terms in the deed, writing. or will, while implied trusts are those which, without being expressed, are deducihic from the nature of the transaction, as mzitters of intent, or which are snperiuduced upon the transactions by operation of law, as matters of equity. independently of the particular intention of the parties. Brown v. Cherr . 56 Barb. (N. Y.) ‘ Imperfect trust. A.n execurory trust. (uh h see:) and see EXECUTED Tuusr.—Ix.n- plied trust. A trust raised or created by implication of law; a trust implied or presumcrl from circumstances. Wilson v. Welles, 79 Minn. 53, 81 N. W. 549; In re Morgan, 34 Hun (N. Y?) 220: Kaphan v. Toney (Tenn. .) 58 S. lV. 13; Gone v. Dlmham. 59 Conn. 20 Atl. 311. 8 L. R A. 647; Russell v. Peyton. 4 Ill. App. 478.—Involuntnry trust. "Involuntary" or “constructive" trusts embrace all those instances in which a. trust is raised by the doctrines of equity, for the purpose of worlzing out justice in the most efiicient manner, when there is no intention of the parties to create a trust relation and contrary to the intention of the one holding the legal title. This class of trusts may usually be referred to fraud. either actual or constructive, as an essential elem:-nt. Bunk v. Kinibnii Milling 00.. 1 ' D. 398. 47 N. WV. 402. Am. St. Rep. i3').—1\Iinisterinl trusts. (Also called “instrumental trnsts.") Those which demand no further exercise of reason or understanding than every intelligent agent must nec- esnirily employ; as to convey an estate. Tlicv are a sxincies of special trusts, disfinguislicd from (ii§(‘l'PfiuII|-'il‘V trusts, which necessarily re- quire much exercise of the understanding. 2 Houv. inst. no 'S!lfi.—N.nked trust. A dry or passive trus one which requires no action on the port of the trustee, heyond turning over mnnrv or property to the ccstui que frust.— Passive trust. A trust as to which the trustcc il'lS no HI‘Ii\'E duty to perform. Goodrich r l\[i'lu'nIil'oc. 2-I \'l'is. ‘ Perkins v. Brink-

H

lev l'§3 i\". C‘. 154. 4 . I. 542: Holmes v. Wnlr-r. 11¢ “is. 4 9. '3.) N. ll’. 390. 62 L. R. A Precatory trust. lVhere words em-

p in a “ill or other instrument do not nmount to a positive command or to a distinct tcstamentary disposition, but are terms of entrenry. request. recommendation, or expectation. they are termed "precatory words," and from such words the law will raise a trust. called a “preistory trust." to carry out the wishes of the testnior or in-antor. See Bohon v. Barrett. 79 Kv. 378: Hunt v. Hunt. 18 Wash. 1-1. 50

c. 578 Aldrich v. Aldrich, 172 Ma 10], 51 N. E. 4—}9.—Px-ivate trust. One 1-. cd or created for the benefit of a certain designat-

1176

TRUST

ed individual or individuals, or a lmown person or class of persons, clearly identified or on- pehle of identification by the terms of the instrumcnt creating the trust, as distiugufli from trusts for public institutions or chnni uses. See Pennoyer v. Wadhams, 20 Or L‘?i Pac. 720. 11 L. R. A. ' : Doyle v. Wu

{(7 Me. 414. 32 Ati. 1 . 61 L. R. A. ; Brnoits r. Pelfast. 90 Me I18. 38 Atl.

—P:rupl'ieta.ry trust. In Scotch law, a na- ked. dry, or passive trust. See supra.—Pnlilio trust. One conslrituted for the benclii. i-uni.-i of the public at large or of some consit-iulile portion of it aims“ eiing a particular description; to this class belong all trusts for charitable purposes, and indeed puhlic trusts and charitable trusts may be considered in general as synony- mous expressions. Lewin. Trusts, 20 ing trust. One that arises by impli tion of law, or by the operation and construction of equity, and which is established as consonant to the presumed intention of the parties as gathered from the nature of the transaction; as, for example, where one person becomes in- vested with the fitle to real property under cir- cumstances which in equity obligate him to hold the title and exercise his ownership for the beneflt of another, a familiar instance being the case where a man huvs land with his own money but has the fitie put in the name of another. ‘ e Sanders v. Steele. 12-} .\la. 4]‘i. 26 Snutli. z¥\ Dorman v. Dorman 187 Ill. 154. 58 N. E


79 Am. St. Rep. Aborn v. Searics. 18 R. . - Atl. Fulton v. Jansen, 99 Cal. i 3 \\/(stern Union Tel.

. 34 Pac :

Co. v. Shepard. 169 N. Y. 170. 6'.’ I\‘. ll. I34. 58 L. R. A. 115.—Sec-rec trusts. Where a. testator gives property to a person, on a verliai Eromise by the legatee or devisee that he will

old it in trust for another person. this is called a “secret trust." Sweetpshifting trust. An express trust which is so settled that it may operate in favor of bencfichries additional to. or substituted for, those first named. upon s a '- fied contingencies. Civ. Code Ga. 1895, § 1.1} —Simi_1le trust. A simple trust corresponds with the ancient use, and is where pr0pe1'i\' is simply vested in one person for the use of an- other, and the nature of the trust. not bein]: qualified by the sr-Itls-r. is left to the construction of law. it differs from in special trust.

P ‘kins v. Brinkley. 133 N G. 154. 4:1 I‘. E. 541: Gone v. Dunliam. 59 Conn. 145. 20 All 311. R L. R. A. G47: Dodson \'. Bull. 60

Pa. 500. 100 Am. Doc. 5SG.—Special trust. Where the mnchinerv of a trust is introduced for the execution of somc purpose particularly pointnd out, and the trustee is not a mare passive depnsirnrv of the estate. hot is called upon to exert himsr-if ncfirelv in the execution of the settlor’s intention: as, where a conveyance is to trustees upon trust to sell for pnrment of debts. Special tn1sts have been divided into (ll ministerial (or instrumental] and (2) discritionarv. '1 former. such as demand no further exercise of reason or understanding than ex erv iiitr-lligr-nt agent must necessarily emnlov: the latter. such as cannot be dulv administered without the application of a certain degree of rudcnce and jurizment Bnuv. lust. no. 8'!“ Perkins v. Brinkley. 133 i\'. C. 154. 45 S. 5-1]: Flagg v. Ely, 1 lwlrlm. Scl. Cus. (i'. .209: Freer v. Laire, 111 [ii. 602 4 N. E. Dodson v. Bull. 60 Pa. 496, 100 Am. Dec. —Spendthx-ift trust. See S1"ENDTl1Ii1i-'1‘. —'l‘x-ansgressive trust. A name sometimes applied to a trust which transgresses or violates the rule against perp:-tuitii-s. See Pulitzer v. Livingston. 89 Me. 359. .36 Atl. (E-'3.—'.l‘:l.'ust company. A corporation formed for the purpose of taking, accepting, and executing all such trusts as may he laufully committed to it, and acting as testamentary trustee. trustee under deeds of settlement or for married women. executor. guardian. etc. To these functions are sometimes (but not necessarily) added the hiisi-

ness of acting as fiscal agent for corporations,