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property in the trustees, or by the court. If an estate is vested in several executors, or trustees, they hold the estate as joint tenants. If the title of the trustee be merely nominal, the legal title is in the person who is entitled to the actual possession of the lands, and the rents, issues, and profits thereof. Where the title of the trustee is not merely nominal, but connected with some power of . actual disposition or management, the legal and equitable title is in the trustee, subject to the trust.

2. If a conveyance be made to one person in trust for another, no estate vests in the trustee. Express trusts in New York may be created for either of the following purposes: 1. To sell lands for the benefit of creditors; 2. To sell, mortgage, or lease lands, for the benefit of legatees, or for the purpose of satisfying any charge thereon; 3. To recover the rents, issues, and profits of lands, and apply them as the law directs.

3. Real and personal property may be conveyed to any incorporated literary institution in trust for any of the following purposes: 1. To establish and maintain an observatory; 2. To found and maintain professorships and scholarships; 3. For any other specific purpose comprehended within the provisions of their charter. The trust may be created subject to such conditions as are prescribed by the grantor, and agreed to by the trustees. Real and personal property may be conveyed to the corporation of any town, village, or city, to be held in trust-1. For the purpose of education; 2. For the relief of the poor; 3. For parks, or other ornamental grounds; 4. For grounds for military parades. It may be granted upon such con

vested in several trustees, how do they hold? If the title of the trustee be merely nominal, in whom is the legal title? Where the title of the trustee is not merely nominal, but connected with some power, in whom is the title?

2. If a conveyance be made to one person in trust for another, what is the effect? For what purposes may express trusts be created in New York?

3. For what purposes may real and personal property be conveyed to any incorporated literary institution? Subject to what conditions may the trust be created? For what purposes may real and personal prop

ditions as the grantor shall prescribe, and the trustees agree to. All trusts authorized by statute continue for such time as may be necessary to accomplish the purposes for which they were created.

4. The trust estate, and all the legal authority of the original trustees, descends to their successors in office duly appointed. When the purposes for which an express trust shall have been created, shall have ceased, the estate. of the trustees will also cease. If one of several trustees die, all the rights, powers, and duties of the trustees vest in the survivors. Upon the death of the last surviving trustee, the court appoint another trustee, who exercises the powers of trustee under the direction of the court. If a trustee has accepted the trust, and he wishes to resign, he must present a petition to the court, praying the court to discharge him from the trust.

5. Upon the petition of any person interested in the execution of a trust, the court may remove any trustee who shall have violated his trust, or for any other cause shall be deemed an unsuitable person to execute the trust. The court may appoint a new trustee in place of the trustee who has resigned or has been removed.

6. The trustee, by accepting the trust, guaranties that he possesses, and that he will exert, that degree of knowledge, diligence, and care reasonably requisite for the proper discharge of the duties he undertakes to perform. There are private trustees and public trustees. A private trustee holds property for a private individual known as

erty be conveyed to the corporations of towns, villages, or cities? Upon what conditions? For what time do trusts authorized by statute continue?

4. To whom does a trust estate descend? When the purposes for which a trust estate has been created have ceased, what is the effect? If one of several trustees die, what is the effect? If all die? If a trustee has accepted the trust, and wishes to resign?

5. Upon whose petition will the court remove a trustee? For what causes? If the court remove a trustee, what further action will the court take?

6. What does the trustee, by accepting the trust, guaranty? What two classes of trustees? Who are private trustees? Who are public trustees ?

the cestui que trust. Public trustees hold property for the benefit of the public.

7. The trustee of an estate is bound to secure its reasonable increase. If it lie idle in his hands without cause, he will be charged interest. A trustee cannot purchase property which it is his duty, as trustee, to sell; nor sell the property which it is his duty, as trustee, to purchase. Public and private trustees may so contract as to render themselves personally liable. If the credit was given to the trustee personally, and the creditor was jus tified in so understanding the case, the trustee must abide the responsibility. An agent who exceeds his authority, and fails to bind his principal, binds himself. On this principle, public trustees who enter into contracts in their official capacity, and so deviate from or exceed their authority as not to bind those for whom they act, bind themselves.

CHAPTER L.

POWFR.

1. A POWER is an authority to do some act in relation to lands which the owner granting the power might himself lawfully perform. Any owner of lands, who is capable of performing any act in reference to such lands, may grant a power to another to do the same act. Any person is capable of executing a power, who would be capable of granting a similar power. Powers are general

7. To what is the trustee bound? If the estate la idle in his hands? What is the rule as to buying and selling trust property? Can trustees render themselves personally liable on these contracts? When must the trustee abide the responsibility? If an agent exceed his authority, and fail to bind his principal, what is the effect? If a trustee exceed his authority, and does not bind those for whom he acts what is the effect?

1. What is a power? Who may grant a power? Who may execnte a power? When is a power general? When is a power special When

or special. A power is general, when it authorizes an alienation in fee to any alienee whatever. A power is special, when the person, or class of persons, is designated, or where the power authorizes the alienation of a particular estate less than a fee. A power is beneficial, when no other person than the grantee of the power has any interest in its execution. Where an absolute power of alienation, not accompanied by any trust, is given, such estate is changed into a fee.

2. Every power of disposition is deemed absolute, by means of which the grantee is enabled in his lifetime to dispose of the entire fee for his own benefit. A general power is in trust, when any person, or class of persons, other than the grantee of such power, is designated as entitled to the proceeds to result from the alienation of the lands according to the power. A special power is in trust, when the disposition which it authorizes is limited to be made to any person other than the grantee of such power, or is entitled to any benefit from the disposition authorized by such power.

3. Every trust-power, unless its execution or non-execution is made expressly to depend on the will of the grantee, is imperative. A trust-power does not cease to be imperative when the grantee has the right to select one, and exclude others, of the persons designated as the objects of the trust. When a disposition under a power is made to several persons, without specification of the share to be allotted to each, all are entitled to an equal proportion. If the disposition be left to the discretion of the trustee, the trustee may allot the whole to one, to the exclusion of all the others. If such trustee die, leaving

is a power beneficial? When an absol power of alienation is not accompanied by any trust, what is the effect?

2. When is the power of disposition deemed absolute? When is a general power in trust? When is a special power in trust?

3. When is a trust-power imperative? Is it imperative when the grantee has the right to select one and exclude others? If the distribution be left to the discretion of the trustee, what may he do? If such trustee die, leaving the power unexecuted?

the power unexecuted, the power must be executed for the benefit of all.

4. When the power is created by will, and the testator does not designate by whom it is to be executed, the court will appoint a trustee to execute the power. Any person interested in the objects of such trust may compel its execution.

5. If the power is vested in several persons, all must unite in the execution. If one die, the power may be executed by the survivors. If the power is confined to the disposition by grant, it cannot be executed by will. If the grantor of a power require formalities in the execution not required by law, such additional formalities will not be necessary to a valid execution of the power.

6. The intention of the grantor must be followed as to the mode, time, and condition of its execution. When the consent of a third person is required, such consent must be expressed in the instrument by which the power is executed, or must be certified in writing thereon. Instruments executing a power are effected by fraud, in the same manner as conveyances. If the execution of a power be defective, in whole or in part, its proper execution may be decreed in equity.

4. When the power is created by will, and the testator does not desig. nate by whom it is to be executed? Who may compel the execution of a trust-power?

5. If the trust-power is vested in several persons, who must join in the execution? If one die, how is the power to be executed? If the power authorize the disposal of the estate by deed, can it be done by will? If the power be executed by a married woman, how is it to be acknowledged? If the grantor of a power require formalities not required by law?

6. As to what, must the intentions of the grantor be followed? When the consent of a third party is required, how must such consent appear? If the instrument executing a power be effected by fraud? If the exe cution of the power be defective?

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