"IRREVOCABLE TRUST" Common-Law Trust
Fiduciary Duty is the highest standard of duty implied by law
(e.g., trustee, guardian)
Pernancy of the profits, execution of estates, and defense of the
land, are the three great properties of a trust, so that the courts
of chancery will compel trustees, 1. To permit the cestui que trust to
receive the rents and profits of the land. 2. To execute such conveyances,
in accordance with the provisions of the trust, as the cestui que trust
shall direct. 3. To defend the title of the land in any court of law or
equity. Cruise, Dig. tit. 12, c. 4, s. 4. A Law Dictionary Adapted To The
Constitution and Laws of the United States of America and of the Several States
of the American Union by John Bouvier Revised Sixth Edition, 1856
PERNANCY defined: Taking; a taking
or receiving; as of the profits of an estate. Actual
pernancy of the profits of an estate is the taking, perception, or receipt of
the rents and other advantages arising therefrom. Black’s Law Dictionary
Sixth Edition (page 625)
A trust is a fiduciary
relationship with respect to property where an individual known as a settler
transfers property to a trustee who then holds that property for the benefit of
a named beneficiary. An irrevocable trust is a type of trust where the terms
cannot be amended or revised by the trustee or beneficiary.
Trusts have existed since the early Roman era and
have become one of the most important innovations in property
law. Property placed into trust includes rights to the trustee, separating the
property's legal ownership (legal title) and
control from its equitable ownership. This may be done for tax purposes or to control the property and legal
title if the settlor is absent, incapacitated, or dead. Trusts are frequently created
in wills, defining how money and property will be handled for
children or other beneficiaries. The trustee is given legal title to the trust property, but is
obligated to act for the good of the beneficiaries only. The trustee may
be compensated and have expenses reimbursed, but otherwise must turn over
all profits from the trust
properties. Trustees who violate this "fiduciary duty" are self-dealing. Courts can reverse self-dealing actions,
order profits returned, and impose other sanctions. The trustee may be
either an individual, a company, or a public body. There may be a single trustee or
multiple co-trustees.
FIDUCIARY BOND defined: Type of surety bond required by court to
be filed by trustees, administrators, executors, guardians, and conservators to
insure proper performance of their duties. Black’s Law Dictionary Sixth Edition
(page 625)
COMMERCIAL INSURANCE defined: Indemnity agreements, in the form of
insurance bonds or policies, whereby parties to commercial contracts are to a
designated extent guaranteed against loss by reason of a breach of contractual
obligations on the part of the other contracting party. To this class belong
policies of contract credit and title insurance. Black’s Law Dictionary Sixth
Edition (page 803)
FIDES defined: Lat. Faith; honesty; confidence; trust; veracity;
honor. Occurring in the phrases "bona fides" (good faith), "mala
fides" (bad faith), and "uberrima fides" (the utmost or most
abundant good faith). Black’s Law Dictionary Sixth Edition (page 625)
BUSINESS TRUST defined: As distinguished from a joint-stock
company, a pure "business trust" is one in which the managers are
principals, and the shareholders are cestuis que trust. The essential attribute
is that property is placed in the hands of trustees who manage and deal with it
for use and benefit of beneficiaries. Morriss v. Finkelstein, Mo.App., 127
S.W.2d 46, 49. A "Massachusetts trust" or "common law
trust." See Massachusetts trust; Real estate investment trust (REIT). Black’s
Law Dictionary Sixth Edition (page 199)
Fides est obligatio conscientire alicujus defined: A trust is an
obligation of conscience of one to the will of another. Black’s Law Dictionary
Sixth Edition (page 625)
Fides servanda est defined: Faith must be observed. An agent must not violate the confidence reposed
in him.Black’s Law Dictionary Sixth Edition (page 625)
Fides servanda est; simplicitas juris gentium prreva leat
defined: Faith must be kept; the simplicity of the law of nations must prevaiL A rule applied to bills of exchange as a sort of
sacred instruments. Black’s Law Dictionary Sixth Edition (page 625)
ACT OF MAN defined: Every man of sound mind and discretion is
bound by his own acts, and the law does not permit him to do any thing against
it; and all acts are construed most strongly against him who does them. Plowd.
140. 2. A man is not only bound by his own acts, but by those of others who act
or are presumed to act by his authority, and is responsible civilly in all such
cases; and, in some cases, even when there is but a presumption of authority,
he may be made responsible criminally; for example, a bookseller may be
indicted for publishing a libel which has been sold in his store, by his
regular salesmen, although he may possibly have had no knowledge of it. A Law
Dictionary Adapted To The Constitution and Laws of the United States of America
and of the Several States of the American Union by John Bouvier Revised Sixth
Edition, 1856
ACT defined: evidence. The act of one of several conspirators,
performed in pursuance of the common design, is evidence against all of them.
An overt act of treason must be proved by two witnesses. See Overt. 2. The
terra. acts, includes written correspondence, and other papers relative to the
design of the parties, but whether it includes unpublished writings upon
abstract questions, though of a kindred nature, has been doubted, Foster's Rep.
198 ; 2 Stark. R. 116, 141. 3. In cases of partnership it is a rule that the
act or declaration of either partner, in furtherance of the common object of
the association, is the act of all. 1 Pet. R. 371 5 B. & Ald. 267. 4. And
the acts. of an agent, in pursuance of his authority, will be binding on his
principal. Greenl. Ev. Sec. 113. A Law Dictionary Adapted To The
Constitution and Laws of the United States of America and of the Several States
of the American Union by John Bouvier Revised Sixth Edition, 1856
IRREVOCABLE defined: That which cannot be revoked or recalled.
Commissioner of Internal Revenue v. Strong Mfg. Co., C.C.A.Ohio, 124 F.2d 360,
363. Black's Law Dictionary Fourth Edition (page 830)
IRREVOCABLE OFFER defined: An offer which cannot be revoked or
recalled by the offeror without liability U.C.C. 2-205. See Firm offer.
Black's Law Dictionary Fourth Edition (page 830)
ACCOUNT defined: practice. A statement of the receipts and
payments of an executor, administrator, or other trustee, of the estate
confided to him. 2. Every one who administers the affairs of another is
required at the end of his administration to render an account of his
management of the same. Trustees of every description can, in general, be
compelled by courts of chancery to settle accounts, or otherwise fully execute
their trusts. Where there are no courts of chancery, the courts of common law
are usually invested with power for the same purposes by acts of legislation.
When a party has had the property of another as his agent, he may be compelled
at common law to account by an action of account render. 3. An account is also
the statement of two merchants or others who have dealt together, showing the
debits and credits between them. A Law Dictionary Adapted To The
Constitution and Laws of the United States of America and of the Several States
of the American Union by John Bouvier Revised Sixth Edition, 1856
1 comment:
What is the purpose of this article. Common Law do not exist. There is only Lawlessness.
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