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ON THE LAW OF
TRUSTS AND TRUSTEES
BY
JAIRUS WARE PERRY
THIRD EDITION
WITH NOTES AND REFERENCES TO RECENT CASES
BY GEORGE F. CHOATE
IN TWO VOLUMES
VOL. II.
BOSTON
LITTLE, BROWN, AND COMPANY
1882
L14193
2538
Entered according to Act of Congress, in the year 1874, by JAIRUS WARE PERRY,
In the Office of the Librarian of Congress, at Washington.
Copyright, 1882, BY WILLIAM PERRY.
UNIVERSITY PRESS: JOHN WILSON AND SON, CAMBRIDGE.
CONTENTS OF VOLUME II.
POWERS OF TRUSTEES .
CHAPTER XVI.
§ 473. Division of powers.
$474. Powers where the trust is before the court.
§ 475. Powers in law and in equity.
§ 476. General power of trustees.
§ 476 a. Power to ask direction of court.
§ 477. General power of repairing.
§ 478. Powers of superintendents of public works.
Of executors to close up testator's establishment.
Power of executor to appropriate a legacy.
§ 479.
§ 480.
§ 481. Power to waive the statute of limitations.
§ 482. Power to release or compromise a debt.
§ 483. Power as to equity of redemptions.
§ 484. General power of leasing.
$485. Power of trustee to reimburse himself.
§ 486. Powers of trustees of trading companies.
§ 487. Power of insuring.
§ 488. Special powers.
$$ 489, 490. Division and definition of special powers.
§§ 491, 492. Difference between the gift of a power and of an estate.
§493. Where power may be executed by survivors.
494. Where by heirs or devisees or assigns.
§ 495. Where by assigns, and where not.
§ 496. Where the power is matter of personal confidence.
§ 497. Where a power may be executed by last survivor.
§ 498. When a power must be executed.
§ 499. By what persons powers may be executed.
$500. Whether by administrators with the will annexed.
§ 501. By whom to be executed when no person is named.
§ 502. By whom where a trustee refuses to accept.
§ 503. Whether the power goes with the estate.
§ 504. Who can execute where an estate is assigned.
§ 505. Powers annexed to an estate survive with the estate.
§ 506. Where a power may be contrary to the rule against perpetuities.
$507. Discretionary powers, where and where not.
§ 508. Division of discretionary powers and their execution.
§ 509. Power of varying securities.
§§ 510, 511. Control of courts over the exercise of discretionary powers.
SECTION
473-519
§ 511 a.
§ 511 b.
§ 511 c.
Courts do not favor uncontrollable powers.
How powers must be executed.
Whether it is necessary in the execution of a power to refer to it.
§ 512. Powers of trustees to consent to a marriage.
§ 513.
§ 514.
§ 515.
If the property once vests in cestui que trust, the power is gone.
Where consent is a condition to the vesting of the estate.
Power in general restraint of marriage, void.
§ 516. A limitation until marriage with consent, good.
§§ 517, 518. When and how the power may be exercised.
§ 519. Courts will control the exercise of such a power.
CHAPTER XVII.
TRUSTEES OF THE DRY LEGAL TITLE; TO PRESERVE
CONTINGENT REMAINDERS; OF TERMS ATTENDANT;
OF FREEHOLDS; AND OF LEASEHOLDS
Powers and duties of trustees of the dry legal title.
Trustees of contingent remainders.
§§ 520, 521.
§§ 522, 523.
§§ 524, 525.
Trustees of attendant terms.
§ 526. Powers and duties of trustees in possession of freeholds.
§ 527. Must pay rates and taxes and collect rents.
§ 528. Trustee's power of leasing.
§§ 529, 530. Their power where special directions are given as to leasing.
§ 531. Trustees of leaseholds.
§§ 532, 533. Power and duty to renew leases.
§ 534. Who is to bear the expense of renewing leases.
$535. When trustees may not renew leases.
§ 536. Liability of trustees for covenants in leases.
§ 537. The fine for renewing a lease.
520-538
§ 538. The right to renew leases a valuable right. Trustees cannot renew in their
own names.
CHAPTER XVIII.
POWERS AND DUTIES OF TRUSTEES AS BETWEEN TEN-
ANT FOR LIFE AND REMAINDER-MAN ..
. .539-556 a
$539. Trustee must act impartially between tenant for life and remainder-man.
$540. When tenant for life is entitled to the possession.
$541. Where the trust fund is personal property.
§ 542. In what place personal property may be used.
§ 543. Trustee must have possession of stocks and similar securities. Power of
attorney to tenant for life.
§§ 544, 545. As to extra-cash dividends and stock dividends by corporations.
$546 As to the increase of stock upon a farm or plantation.
$547. Of property that perishes or is consumed in the use, or decreases in value.
§ 548. Rights of tenant for life under an absolute direction for conversion.
§ 549. Reversionary interests must be sold for benefit of tenant for life.
§ 550. As to the right of tenant for life to income during the first year,
§ 556. As to the apportionment of rent, income, dividends, and annuities.
§ 556 a. Form of an account upon a default.
CHAPTER XIX.
TRUSTS UNDER A WILL FOR THE PAYMENT OF DEBTS;
FOR THE PAYMENT OF LEGACIES; AND FOR RAISING
PORTIONS.
§ 557. Payment of testator's debts at common law and under statutes.
§ 558. The present law of England.
557-583
§ 559. The law in the United States as to the payment of a testator's debts.
§§ 560, 561. The character of trusts under a will for the payment of debts.
§§ 562-566. The order in which assets are marshalled for the payment of debts, as
between heirs, legatees, and devisees.
§ 567. The effect of charging debts upon real estate.
§ 568. Legacies generally payable out of personal property.
§ 569. The effect of charging legacies upon real estate.
§§ 570, 571. When legacies are charged upon real estate.
§ 572. When some legacies are charged upon real estate, and others are not.
§ 573. What amounts to the payment of a legacy so as to discharge the testator's estate
§ 574. Where legacies bear interest.
§ 575. The charge of a legacy upon real estate follows the land.
§ 576. Trusts for raising portions.
§§ 577, 578. Whether a portion is to be raised during the life of a tenant for life.
§ 579. The usual forms of drawing settlements at the present time.
§ 580. Powers of trustees to raise portions.
§ 581. At what time portions are to be raised.
§ 582. Where trustees neglect to raise portions as directed.
§ 583. Interest, expenses, and accumulations.
CHAPTER XX.
TRUSTS UNDER ASSIGNMENTS FOR CREDITORS; TRUSTS
UNDER DEEDS FOR PARTICULAR CREDITORS; AND
TRUSTS UNDER POWER OF SALE MORTGAGES .585-602 gg
§ 585. Trusts for creditors.
§ 586. Whether preferences can be made in such trusts.
§ 587. Whether these trusts are void as fraudulent under the bankrupt laws.