« ZurückWeiter »
no trust to result.
trust. 2649. Powers over trust, of party interested. 2650. Ellect of omitting trust in conveyance. 2651. Certain sales, etc., by Trustees void. 2652. Other persons not to be affected by mis.
conduct of Trustees. 2653. When Estate of Trustees to cease. 2654. On Death of surviving Trustee, Trust to
be executed under direction of the Court
of Chancery. 2655. When and how Trustees may resign. 2656. When and how Trustees may be removed. 2657. Places of Trustees resigning or removed,
Chapter Sixty-Three of Revised Statutes of 1846.
Cestaln uses and (2631.) SECTION 1. Uses and trusts, except as authorized and trusts abolished.
modified in this chapter, are abolished, and every estate and interest in lands shall be deemed a legal right, cognizable as such in the Courts of law, except when otherwise provided in
this title. Executed uses (2632.) SEC. 2. Every estate which is now held as an use,
executed under the laws of this State as they formerly existed,
is confirmed as a legal estate. Right to posses- (2633.) Sec. 3. Every person who, by virtue of any grant, atos legal owner assignment or devise, now is, or hereafter shall be entitled to
the actual possession of lands, and the receipt of the rents and profits thereof, in law or in equity, shall be deemed to have a
sion of Lands cre.
4 Paige, 352.
3 Paige, 390, 16.
5 John. Ch. R., 1.
legal estate therein, of the same quality and duration, and 4 Paige, 403. subject to the same conditions as his beneficial interest.
(2634.) Sec. 4. The last preceding section shall not divest Active trusts not the estate of any Trustees, in any existing trust, where the Section title of such Trustees is not merely nominal, but is connected with some power of actual disposition or management, in relation to the lands which are the subject of the trust.
(2635.) Sec. 5. Every disposition of lands, whether by deed Trustees of Es or devise, hereafter made, except as otherwise provided in Antetleer take no this chapter, shall be directly to the person in whom the right to the possession and the profits shall be intended to be vested, and not to any other, to the use of, or in trust for, such person; and if made to one or more persons, in trust for, or to the use of another, no estate or interest, legal or equitable, Sae Sec. 2645. shall rest in the Trustee.
(2636.) Sec. 6. The preceding sections of this chapter shall Preceding Secnot extend to trusts arising or resulting by implication of law, Har. ch. R , 130. nor be construed to prevent or affect the creation of such 5, R., 197, express trusts as are hereinafter authorized and defined.
(2637.) Sec. 7. When a grant for a valuable consideration Grant to one, for shall be made to one person, and the consideration therefor another, no trust shall be paid by another, no use or trust shall result in favor of the person by whom such payment shall be made; but the title shall vest in the person named as the alienee in such conveyance, subject only to the provisions of the next section.
(2638.) Sec. 8. Every such conveyance shall be presumed Except for benefit fraudulent, as against the creditors of the person paying the consideration; and when a fraudulent intent is not disproved, a trust shall result in favor of such creditors, to the extent that may be necessary to satisfy their just demands.
(2639.) Sec. 9. The preceding seventh section shall not Section soven extend to cases where the alienee named in the conveyance shall have taken the same as an absolute conveyance in his own name, without the knowledge or consent of the person paying the consideration, or when such alienee, in violation of some trust, shall have purchased the lands so conveyed, with moneys belonging to another person.
(2640.) Sec. 10. No implied or resulting trust shall be purchasers pro alleged or established to defeat or prejudice the title of a purchaser for a valuable consideration, and without notice of such trust.
(2641.) Sec. 11. Express trusts may be created for any or For what par. either of the following purposes :
poses express trustg may be created.
trust, to be
1. To sell lands for the benefit of creditors; 11 Wend., 240.
2. To sell, mortgage or lease lands, for the benefit of legatees, or for the purpose of satisfying any charge thereon;
3. To receive the rents and profits of lands, and apply them to the use of any person, during the life of such person, or for any shorter term, subject to the rules prescribed in the last preceding chapter;
4. To receive the rents and profits of lands, and to accumulate the same for the benefit of any married woman, or for either of the purposes, and within the limits prescribed in the preceding chapter;
5. For the beneficial interest of any person or persons, when such trust is fully expressed and clearly defined upon the face of the instrument creating it, subject to the limitations as to
time prescribed in this title. Certain de rises in (2642.) Sec. 12. A devise of lands to executors or other deemed powers. Trustees, to be sold or mortgaged, when such Trustees are not
also empowered to receive the rents and profits, shall vest no estate in the Trustees; but the trust shall be valid as a power, and the lands shall descend to their heirs, or pass to the
devisees of the testator, subject to the execution of the power. Profits of Land
(2643.) SEC. 13. When a trust is created to receive the ors in certain rents and profits of lands, and no valid direction for accumu
lation is given, the surplus of such rents and profits, beyond the sum that may be necessary for the education and support of the person for whose benefit the trust is created, shall be liable in equity to the claims of the creditors of such person, in the same manner as other personal property which cannot
be reached by an execution at law. Other express (2644.) Sec. 14. When an express trust shall be created for 8 Wend., 661.
any purpose not enumerated in the preceding sections of this chapter, no estate shall vest in the Trustees; but the trust, if directing or authorizing the performance of any act which may be lawfully performed under a power, shall be valid as a power in trust, subject to the provisions in relation to such
powers contained in the next succeeding chapter. Land to descend; (2645.) Sec. 15. In every case where the trust shall be valid
as a power, the land to which the trust relates shall remain in, or descend to the persons otherwise entitled, subject to the execution of the trust as a power.
(2646.) Sec. 16. Every express trust, valid as such in its have whole es creation, except as herein otherwise provided, shall vest the 11 Wend., 248. whole estate in the Trustees, in law and in equity, subject
liable to Credit
trusts to be powers in trust.
etc., to persons entitled.
Trustees of ex. press trusts to
trust, of party in
only to the execution of the trust; and the person for whose benefit the trust was created, shall take no estate or interest in the lands, but may enforce the performance of the trust in equity.
(2617.) Sec. 17. The preceding section shall not prevent Last Section any person creating a trust from declaring to whom the lands to which the trust relates shall belong, in the event of the failure or termination of the trust, nor shall it prevent him from granting or devising such lands, subject to the execution of the trust; and every such grantee shall have a legal estate in the lands, as against all persons except the Trustees and those lawfully claiming under them.
(2648.) Sec. 18. When an express trust is created, every interest remainestate and interest not embraced in the trust, and not express trust. otherwise disposed of, shall remain in, or revert to, the person creating the trust, or his heirs as a legal estate.
(2649.) Sec. 19. No person beneficially interested in a trust powers over for the receipt of the rents and profits of lands, can assign or terested. in any manner dispose of such interest; but the rights and interest of every person for whose benefit a trust for the payment of a sum in gross is created, are assignable.
(2650.) Sec. 20. When an express trust is created, but is Efect of omitting not contained or declared in the conveyance to the Trustees, ance. such conveyance shall be deemed absolute as against thre subsequent creditors of the Trustees, not having notice of the trust, and as against purchasers from such Trustees, without notice, and for a valuable consideration.
(2651.) Sec. 21. When the trust shall be expressed in the certa in sales, instrument creating the estate, every sale, conveyance, or void?" other act of the Trustees, in contravention of the trust, shall be absolutely void.
(2652.) SEC. 22. No person who shall actually and in good other persons not faith make any payment to a Trustee, which the Trustee as miscouduct of such is authorized to receive, shall be responsible for the application thereof according to the trust; nor shall any right or title derived by such person from the Trustee, in consideration of such payment, be impeached or called in question, in consequence of any misapplication of such payment by the Trustee.
(2653.) Sec. 23. When the purposes for which an express when Estate of trust shall have been created shall have ceased, the estate of 4 Paige, 403. the Trustee shall also cease.
(2654.) Sec. 24. Upon the death of the surviving Trustee
trust in convey.
etc , by Trustees,
When and how
On death of sur of an express trust, the trust shall not descend to his heirs, trust to be exe: nor pass to his personal representatives; but the trust, if rection of the then unexecuted, shall vest in the Court of Chancery, with all Court of Chan
the powers and duties of the original Trustees, and shall be executed by some person appointed for that purpose, under the direction of the Court.
(2655.) Sec. 25. Upon the petition of any Trustee of an express trust, the Court of Chancery may accept his resignation, and discharge him from the trust, under such regulations as shall be established by the Court for that purpose, and upon such terms as the rights and interests of the persons interested in the execution of the trust may require.
(2656.) Sec. 26. Upon the petition or bill of any person Trustees may be
interested in the execution of an express trust, and under such regulations as shall be established by the Court for that purpose, the Court of Chancery may remove any Trustee who shall have violated or threatened to violate his trust, or who shall be insolvent, or whose insolvency shall be apprehended, or who, for any other cause, shall be deemed an unsuitable
person to execute the trust. Places of Trus- (2657.) Sec 27. The Chancellor shall have full power to removed, how appoint a new Trustee, in the place of a Trustee resigned or supplied.
removed; and when, in consequence of such resignation or removal, there shall be no acting Trustee, the Court, in its discretion, may appoint new Trustees, or cause the trust to be executed by one of its officers, under its direction.
When and how
tees resigning or