Outline of the Law of Trusts; Prepared for the Use of Students in the Brooklyn Law School of St. Lawrence University (Paperback)

Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: V. CLASSIFICATION. Trusts are classified in various ways, but the most convenient way is according to the method of creation. On this basis they are divided into two classes, express trusts and implied trusts. Express trusts are those created by the direct act of the parties, the intent being evidenced by spoken or written words. Implied trusts are those raised by equity from the acts or situation of the parties, without an intent evidenced by words. These are divided into two classes, resulting trusts and constructive trusts. .Resulting trusts are those implied by equity from the acts of the parties according to their presumed intention. Constructive trusts are those raised by equity to promote the ends of justice irrespective of the intention of the parties. 1 Perry on Trusts, Sees. 18-27. EXPRESS TRUSTS. A. Creation. 1. The Settlor. Every express trust must be created by some person who is known as the settlor. Generally speaking any person who lias power to transfer property directly, may transfer it in trust. See generally on this subject, 1 Perry on Trusts, Sees. 28-37. Persons non sui juris, as married woman, infants, etc., are generally incapacitated from creating trusts. Graham v. Long, 05 Pa., 383. The acts of an infant being merely voidable, a declaration of a trust made before coming of age may be ratified by subsequent acts. Ownes v. Ownes, 23 N. J. Eq., 60. 2. Method of Creation. A trust may be created either by a transfer of property, by the owner thereof, to another, in trust for a third person, or by a declaration on the part of the owner that he holds the property in trust for another. a. Sufficiency of Language. In General. No particular form of words is necessary to create a trust, the words trust and trustee n...