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Trusts / Edition 6

Trusts / Edition 6

by George Taylor Bogert, Price, Binder

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ISBN-10: 0314351396

ISBN-13: 9780314351395

Pub. Date: 05/28/1987

Publisher: West Academic

Authoritative text provides concise, up-to-date explanation of the laws and rules governing the creation, enforcement, administration, and termination of trusts. Includes coverage on voluntary trusts, charitable trusts, and trusts created by operation of law, as well as those applicable to similar fiduciary relationships. In addition, numerous references are made to


Authoritative text provides concise, up-to-date explanation of the laws and rules governing the creation, enforcement, administration, and termination of trusts. Includes coverage on voluntary trusts, charitable trusts, and trusts created by operation of law, as well as those applicable to similar fiduciary relationships. In addition, numerous references are made to current state statutes relevant to particular subject areas, and to widely adopted state statutes such as the Uniform Probate Code. Also contains federal statutes such as the Employee Retirement Income Security Act (ERISA).

Product Details

West Academic
Publication date:
Edition description:
Student ed., 6th ed.
Product dimensions:
7.50(w) x 10.00(h) x 1.60(d)

Table of Contents

Preface v
Westlaw Introduction vii
Introduction and History
Definition of Fudamental Terms
Origin of Uses and Trusts
Uses and Trusts Before the Statute of Uses.
The Statute of Uses.
The Effect of the Statute of Uses.
Trusts in the United States.
Development of Trust Law in the United States---Codificatin---The Restatement.
Creation of Express Trusts---Trust---Intent---Formalities---Conveyancing
Meaning of Express Trust.
Who May Create an Express Trust?
Methods of Trust Creation
Expression of Trust Intent.
Similar Intents Distinguished---Other Property Management Relationships.
Equitable Charge.
Trust Intent---Precatory Expressions.
____Savings Account Trusts.
Formality---Statute of Frauds.
____Wills Acts.
Delivery of the Trust Instrument.
Creation of Express Trusts---Subject Matter-Trustee
The Subject Matter of the Trust.
Debt and Trust Distinguished.
Borderline Debt-Trust Cases---The Specific Property Chriteriom.
____The Debtor Making Himself Trustee.
Selection of the Trustee---The Effect of Lack of a Trustee.
Who May Be Made a Trustee?
Notice to and Acceptance by the Trustee---Disclaimer---Resignation.
Transfer of title to the Trustee-Nature of His Interest---Filling Vacancies.
Qualification by the Trustee.
Creation of Private Express Trusts---The Beneficiary
Necessity of Beneficiary---Definiteness.
Who May Be a Beneficiary?
Notice to and Acceptance by the Beneficiary.
Nature of Beneficiary's Interest.
Incidents of the Beneficiary's Interest.
Availability of Beneficiary's Interest to Creditors.
Spendthrift Clauses.
Discretionary Trusts.
Support Trusts.
Blended Trusts.
Protective Trusts.
The Creation of Private Trusts---Purposes-Restriction on Settlor
Trusts Classified as to Purpose.
When Trust is Passive---Effect of Passivity.
Active Private Trusts---Possible and Common Purposes.
Active Trusts---Illegal Purposes.
____Statutory Restrictions on Trust Purposes.
Rule Against Remoteness of Vesting.
Rule Against Undue Suspension of the Power of Alienation.
Rule as to the Duration of Private Trusts.
Rules Regarding the Duration of Trusts Providing for the Accumulation of Trust Income.
Charitable Trusts
Definition of Charitable Trust.
Indefinitieness---Purpose and Beneficiaries.
History of Charitable Trusts---Statute of Charitable Uses.
Religious Purposes.
Gift to Procure the Saying of Masses.
Cemeteries and Monuments.
Relief of Poverty.
Promotion of Health and Aid to the Sick, Disabled, or Aged.
Trusts for Community Benefit---"Governmental" Purposes.
Miscellanceous Alleged Charities.
Mixed Trusts---Charitable and Non-Charitable Objects.
The Creation of a Charitable Trust.
Statutory Liitations as to Settlors and Trustees and Trustees of Charitable
The Rule Against Remoteness of Vesting.
Rules Regarding Suspension of the Power of Alienation and Duration of Trusts.
The Rule Against Accumulations.
Origin of Resulting Trusts
Implied Trusts.
Resulting Trusts---The Statute of Frauds.
Voluntary Conveyances.
Purchase Money Resulting Trusts.
Failure of Express Trust.
Where Res of Express Trust Proves Excessive.
Creation of Constructive Trusts.
Definition---Theory of Creation.
Statute of Frauds---Clear Proof Required.
Fraudulent Misrepresentation or Concealment.
Mistake, Undue Influence or Duress.
Product of Larceny or Conversion.
Property Obtained by Homicide.
Breach of Unenforceable Contract to Convey.
Breach of Oral Trust of Realty---Retention of Property.
Gift by Will or Intestacy on Oral Trust.
Breach of Express Trust---Disloyalty.
Breach of Duty in Direct Dealing With Beneficiary.
The Powers of the Trustee---In General
Express and Implied Powers.
Mandatory and Discretionary Powers.
Personal Powers and Powers Attached to the Trusteeship.
Powers of Co-Trustees Usually Held Jointly.
Delegation of Trust Powers---Inactive Co-Trustees.
Duties of the Trustee---In General
Duty to Use Ordinary Skill and Prudence.
Exculpatory or Immunity Clauses.
Trustee's Duty of Loyalty.
Trustee's Duty in Transactions With Beneficiary.
Duties of the Trustee---Possession and Protection
Duty to Take Possession of Trust Property.
Duty to Defend the Trust Against Attack.
Duty to Protect and Preserve Trust Property.
Duty to Separate and Earmark Trust Property.
Duties of the Trustee---Investments
Duty to Make the Trust Property Productive.
Control by the Settlor, Court, Beneficiary or by Statute.
Development of Trust Investmnet Law---Statutory Lists.
Investmnets Generally Approved.
Mingling Investments---Participating Mortgages, Common Trust Funds, and Investment Trusts.
The Prudent Investor Rule.
Duty to Examine and Review Trust Investments.
Duty to Change Trust Investments.
The Duties of the Trustee---Receipts and Payments---Principal and Income
Trustee's Duties in Making Payments to Beneficiaries.
Deviations From Trust Terms as to Payments.
Allocation of Receipts to Income or Principal.
Probate Income Received by Testamentary Trustee From Executor.
Interest---Bonds Bought at Premium or Discount.
Corporate Distributions---Cash Dividends.
Stock Dividends.
Stock Subscription Rights.
Profits From Merchandising or Agriculture.
Sums Received in Settlement of Claims.
Profits and Losses on Sale of Trust Assets.
Proceeds of Sale of Unproductive Property---Mortgage Salvage Operations.
Receipts From Property Subject to Deletion---Natural Resources.
Apportionmnet of Periodic Receipts---Successive Beneficiaries.
Source From which Expenses Should Be Paid.
Liabilites From Contracts, Torts, and Property Ownership.
Personal Liability of Trustees on Contracts.
Trustee's Power to Exclude Personal and Include Representative Liability.
Trustee's Right of Indemnity as to Contract Liabilities.
Contract Creditor's Rights Against the Trustee in Representative Capacity.
Liability of Trustee for Torts.
Trustee's Right of Indemnity as to Tort Liability.
Tort Creditor's Rights Against the Trustee as Such.
Liability of the Trustee as Property Owner.
Sales, Mortgages and Leases by Trustees
Trustee's Power to Sell.
Court Control of Trustee's Sales.
Conduct of Sales by Trustees.
Express or Implied Power to Borrow and Give Security.
Court Control Over Borrowing and Giving Security.
Effect of Loans and Giving Security.
Leases by Trustees.
Accounting and Commpensation
Duty to Retain Trust Documents and Vouchers and to Keep Records.
Duty to Furnish Information to the Beneficiary.
Duty to Render Court Accounting.
Procedure on Court Accounting---Effect of Court Approval.
Compensation of the Trustee.
Alteration or Termination of the Trust
Power of Trust Parties to Change the Terms of a Trust.
Alteration of Private Trusts by the Court.
Power of Court to Alter Charitable Trusts-Cy Pres Doctrine.
Power to Revoke or Terminate a Trust.
Normal Termination of the Trust-Powers and Duties of Trustee.
Purpose Accomplished or Becomes Impossible of Accomplishment or Illegal.
Destruction of Trust by Merger of Interests.
Termination of Trust by Court Decree on Request of Beneficiaries.
Remedies of Beneficiaries Under Trusts-Liabilities of Trustee and Third Persons
Instruction by Court of Equity-Court Supervised Trusts.
Enjoing or Setting Aside Wrongful Acts.
Decree for Specific Performance of Private Trust.
Enforcement of Charitable Trusts.
Decree Against Trustee for Damages on Account of Breach of Trust.
Personal Liability of Trustee With Lien.
Recovery From Bondsman or Guaranty Fund.
Removal of Trustee-Appointment of Successor.
Remedies of Beneficiaries-Tracing the Trust Res-The Bona Fide Purchaser Rule
Recovery of the Trust Res or Its Substitute-Tracing.
Tracing Trust Funds-Sufficiency of Identification.
Necessity of Election Between Tracing and Damages.
Suborgation and Marshaling.
The Bona Fide Purchaser Rule.
Remedies of Beneficiaries-Participation in a Breach of Trust.
Actions Against Third Persons for Damaging Trust Property.
Participation in a Breach of Trust.
Right or Reedy Barred by Act of the Beneficiary.
Inaction of the Beneficiary-laches.
Remedy Barred by Court Decree or Statute of Limitations.
Appendix: Westlaw References 647(20)
Table of Cases 667(108)
Index 775

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