{"id":7500,"date":"2017-11-09T05:31:16","date_gmt":"2017-11-09T05:31:16","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=7500"},"modified":"2018-01-28T05:03:21","modified_gmt":"2018-01-28T05:03:21","slug":"trustee","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=7500","title":{"rendered":"Trustee – someone with legal title to property that holds it in trust, with duties to convert to cash all debts and\u00a0securities that are not qualified legal investments, to reinvest the cash in proper securities, to\u00a0protect & preserve the trust property, and to ensure that it is employed solely for the beneficiary"},"content":{"rendered":"

\u00a0 \u00a0 \u00a0This page is continued from Fiduciary Relationships<\/a> >>>> Fiduciary<\/a> >>>> Settlor\/Trustee\/Beneficiary Relationship<\/a>:<\/span><\/strong><\/p>\n

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trustee<\/span>:
\n<\/strong><\/span>n<\/em>. (17c.)<\/span><\/p>\n

1. Someone who stands in a fiduciary or confidential relation<\/a> to another; especially\u00a0<\/strong>one who, having legal title to property, holds it in trust<\/a> for the benefit of another & owes a\u00a0<\/strong>fiduciary duty to that beneficiary<\/a>.\u00a0 \u00a0Generally, a trustee\u2019s duties are to convert to cash all debts and\u00a0<\/strong>securities that are not qualified legal investments, to reinvest the cash in proper securities, to\u00a0<\/strong>protect & preserve the trust property, and to ensure that it is employed solely for the beneficiary<\/a>,\u00a0<\/strong>in accordance with the directions contained in the trust instrument. <\/strong>[1]<\/span><\/p>\n

1. That person in a trust relationship who holds the legal title to the property subject to the trust, for the benefit of the beneficiary or cestui que trust, with certain powers and subject to certain duties imposed by the terms of the trust, principles of equity, or statutory provision.\u00a0 54 Am J1st Trusts \u00a7 112<\/span>.<\/span><\/strong><\/p>\n

The person to whom property is conveyed by a deed of trust given by way of security.\u00a0 The title of some public officers, such as township trustees and members of the board of a state, county, or municipal college or university. 15 Am J2d Colleges \u00a7\u00a0 11<\/span>.<\/span><\/strong>
\n\u00a0\u00a0\u00a0\u00a0 Every man to whom a business is entrusted by another has a trust to perform, and every man is a trustee who is to advise concerning, or to operate, the business of another.\u00a0 Quinn v Thipps<\/em>, 93 Fla 805, 113 So 419, 54 ALR 1173<\/span>.<\/strong> [2]<\/span><\/p>\n

1. The person who holds the legal title to trust property for the benefit of the beneficiary of the trust, with such powers and subject to such duties as are imposed by the terms of the trust and the law.<\/span><\/strong><\/p>\n

2. In some jurisdictions, the title of certain public officials, for EXAMPLE, the members of the board of directors of a public college or university.<\/strong> [3]<\/span><\/p>\n

\u00a0 \u00a0 \u00a0Excerpt from William W. Story’s\u00a0A Treatise on the Law of Contracts<\/em><\/a>:<\/em><\/span><\/strong><\/p>\n

\u00a0 \u00a0 \u00a0\u201cA trustee is bound to perform all acts which are necessary\u00a0<\/span><\/strong>for the proper execution of his trust. \u00a0But by the English rule, as\u00a0<\/strong>he is not allowed compensation for his services, he would stand in\u00a0<\/strong><\/span><\/span>the position of a gratuitous bailee, & be responsible only for\u00a0<\/strong>losses or improper execution of his trust, in cases of gross\u00a0<\/strong>negligence. \u00a0The rule denying him compensation does not,\u00a0<\/strong>however, obtain generally in America, and it is the general\u00a0<\/strong>practice in America to allow commissions to trustees in cases of\u00a0<\/strong>open and admitted trusts, where the trustee has not forfeited\u00a0<\/strong><\/span>them by gross misconduct. \u00a0It would seem, that in all the States\u00a0<\/strong>where a compensation is given, he would be a bailee for hire of\u00a0<\/strong>labor and services, and bound to exercise ordinary diligence. \u00a0And\u00a0<\/strong>he engages that he has sufficient skill to execute the duties of his\u00a0<\/strong><\/span>office properly. And, indeed, a trustee seems generally to be\u00a0<\/strong>bound to take the same care of the trust fund as a prudent and\u00a0<\/strong>discreet man would take of his own property, to manage it for the\u00a0<\/strong>best interest of the\u00a0cestui que<\/em>\u00a0trust, & to make no profit or\u00a0<\/strong><\/span><\/span>advantage out of it for himself personally.<\/span>\u201d\u00a0<\/strong>[4]<\/span><\/p>\n

References:<\/strong><\/span><\/p>\n

All material utilized in accordance with Fair Use<\/a>.<\/strong><\/span><\/p>\n

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[1]: Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black, Editor in Chief Bryan A. Garner. ISBN: 978-0-314-61300-4<\/strong><\/span><\/p>\n

[2]: Ballantine\u2019s Law Dictionary\u00a0<\/a>with Pronunciations
\n<\/em>Third Edition<\/a>\u00a0by James A. Ballantine\u00a0(James Arthur 1871-1949).\u00a0\u00a0<\/em>Edited by William S. Anderson.\u00a0\u00a0\u00a9 1969 by THE LAWYER\u2019S CO-OPERATIVE PUBLISHING COMPANY.\u00a0 Library of Congress Catalog Card No. 68-30931<\/strong><\/span><\/p>\n

[3]:\u00a0\u00a0Ballantine\u2019s Law Dictionary <\/a>Legal Assistant Edition<\/a><\/em>
\nby Jack Ballantine\u00a0<\/strong>(James Arthur 1871-1949).\u00a0\u00a0<\/em>Doctored<\/a><\/strong>\u00a0<\/em>by\u00a0Jack G. Handler,\u00a0J.D.<\/a>\u00a0\u00a9 1994 Delmar by Thomson Learning.\u00a0 ISBN 0-8273-4874-6.<\/strong><\/span><\/p>\n

[4]:\u00a01 William W. Story, A Treatise on the Law of Contracts<\/em><\/a> 5\u00a0<\/strong>374, at 328-30 (1874)<\/strong><\/span><\/p>\n

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