Law of Trusts Webinars Outline
Trusts class outline. (Subject to change without notice)
This will remain close to the entire outline. Some changes may happen as the class material is updated
- I. Definitions, History, Kinds, and Nature in General
- A. Definitions and Distinctions; Nature
- § 1. Trust, Defined
- § 2. Trustee, Defined
- § 3. Trustor, Donor, Creator, or Founder, Defined
- § 4. Beneficiary of Trust, Defined
- § 5. Trust Estate or Trust Fund, Defined
- § 6. Nature, Purpose, and Elements of Trusts
- B. Kinds and Classes of Trusts
- § 7. Kinds and Classes of Trusts, Generally
- § 8. Express Trusts, Defined
- § 9. Implied Trusts, Defined
- § 10. Resulting Trusts, Defined
- § 11. Constructive Trusts, Defined
- § 12. Simple and Special, Passive and Active Trusts, Defined
- § 13. Voluntary and Involuntary Trusts, Defined
- § 14. Charitable and Private Trusts, Defined
- § 15. Other Kinds and Classes of Trusts
- A. Definitions and Distinctions; Nature
- II. Creation, Existence, and Validity
- A. Express Trusts
- 1. General Considerations
- A. In General
- § 16. Creation of Express Trusts, Generally
- § 17. Subject Matter of Express Trust
- § 18. Consideration for Express Trust
- § 19. Time of Vesting as to Express Trusts
- § 20. Statutory Provisions Regulating Express Trusts
- B. Elements and Requisites
- § 21. Elements and Requisites of Express Trust, Generally
- § 22. Elements of Spendthrift Trusts
- C. Parties
- § 23. Settlor or Creator of Express Trust
- § 24. Trustee and Beneficiary of Express Trust
- D. Purposes
- § 25. Purposes of Express Trust, Generally
- § 26. Purposes of Spendthrift Trusts
- A. In General
- 2. Oral Trusts and Effect of Statute of Frauds
- A. In General
- § 27. Oral Trusts and Effect of Statute of Frauds, Generally
- § 28. Oral Trusts in Personal Property
- § 29. Oral Agreements on Proceeds of Land Sales as Creating Trust
- § 30. Execution or Part Performance of Oral Trust; Waiver of Statute
- B. Trusts in or Affecting Land
- § 31. Statutes Relating Specifically to Trusts in or Affecting Land as Proved by Parol Evidence
- § 32. Oral Agreement by Grantee to Hold Land in Trust or Reconvey as Creating Trust
- § 33. Oral Agreement as to Land to be Purchased as Express Trust
- C. Requisites and Sufficiency of Writing to Satisfy Statute of Frauds
- § 34. Requisites and Sufficiency of Trust Writing to Satisfy Statute of Frauds, Generally
- § 35. Nature and Form of Trust Writing Under Statute of Frauds
- § 36. Execution of Trust Writing Under Statute of Frauds
- § 37. Recording and Registration of Trust Writing Under Statute of Frauds
- A. In General
- 3. Declaration of Trust
- A. In General
- § 38. Declaration of Trust, Generally
- § 39. Declaration of Spendthrift Trust
- § 40. Reservations and Conditions by Settlor Under Trust
- § 41. Use of Several Instruments in Creating Trust
- § 42. Construing Declaration of Trust
- B. Expression of Intention
- § 43. Expression of Intention in Declaration of Trust, Generally
- § 44. Necessity for Particular Formality or Technical Language in Trust Instrument as Expression of Intent
- § 45. Precatory Words in Trust Instrument as Expression of Intent
- C. Certainty
- § 46. Certainty of Trust Declaration
- § 47. Certainty as to Subject Matter or Property in Declaration of Trust
- § 48. Certainty as to Beneficiaries of Trust in Designation of Trust
- § 49. Certainty as to Interests of Trust Beneficiaries in Declaration of Trust
- A. In General
- 4. Agreements, Covenants, and Transactions Creating or Operating as Trusts
- § 50. Agreements, Covenants, and Transactions Creating or Operating as Trusts, Generally
- § 51. Conveyances or Transfers Absolute in Form as Creating Trust
- § 52. Conveyances Containing Reservations, Conditions, or Other Provisions Indicating Trust
- § 53. Settlor as Trustee in Creating Trust
- § 54. Agreement by Person Acquiring Title to Hold or Convey to Use of Another as Creating Trust
- § 55. Deposit of Money in Bank or Other Financial Institution as Creating Trust
- § 56. –Account in Several Names
- § 57. –Tentative (”Totten”) Trusts
- § 58. Delivery or Possession of Personal Property as Creating Trust
- § 59. Proceeds of Life Insurance as Creating Trust
- § 60. Property Devised, Bequeathed, or Inherited as Creating Trust
- § 61. Transactions Between Persons in Confidential, Fiduciary, or Familial Relations as Creating Trust
- 5. Acceptance of Declaration of Trust; Transfer of Title and Possession
- § 62. Acceptance by Trustee
- § 63. Disclaimer or Renunciation by Trustee
- § 64. Knowledge of, and Acceptance and Declination of Trust by, Beneficiary
- § 65. –Bank Deposits
- § 66. Transfer of Title to, or Interest in Trust Property in Creating Trust
- § 67. Delivery of Trust Instrument or Declaration in Creating Trust
- § 68. Delivery and Possession of Trust Property to Trustee in Creating Trust
- 6. Evidence
- A. In General
- § 69. Admissibility of Evidence as to Express Trusts
- § 70. –Parol Evidence
- § 71. Weight and Sufficiency of Evidence as to Express Trusts
- B. Presumptions and Burden of Proof
- § 72. Presumptions and Burden of Proof as to Express Trusts, Generally
- § 73. Presumptions and Burdens of Proof as to Existence, Validity, and Terms of Express Trust
- § 74. Presumptions and Burdens of Proof as to Bank Deposits and Express Trusts
- § 75. Presumptions and Burdens of Proof as to Parties to Trust Agreement
- A. In General
- 7. Validity
- § 76. Validity of Trust, Generally
- § 77. Effect of Mental Incapacity on Trust Validity
- § 78. Effect of Mistake on Trust Validity
- § 79. Effect of Fraud on Trust Validity
- § 80. Effect of Undue Influence on Trust Validity
- § 81. –Confidential Relationship
- § 82. Duress as Invalidating Trust
- § 83. Illegality of Provisions as Affecting Trust Validity
- § 84. Partial Invalidity of Trust
- § 85. What Law Governs Trusts in Determining Validity
- § 86. Right to Contest Validity of Trust
- § 87. Ratification of Defective or Invalid Trust
- § 88. Estoppel or Waiver as to Defective or Objectionable Trust
- § 89. Effect of Invalid Trust
- 8. Cancellation, Reformation, Modification, and Revocation
- A. Cancellation and Reformation
- § 90. Cancellation of Trust
- § 91. –Proceedings and Relief
- § 92. Reformation of Trust
- B. Modification
- § 93. Modification of Trust, Generally
- § 94. Court Authority to Modify Trust
- § 95. Reservation or Grant of Power to Modify Trust
- § 96. –Construction and Operation of Provision
- § 97. Modification of Trust by Parties
- § 98. Modification of Trust by Trustee
- C. Revocation
- § 99. Revocation of Trust, Generally
- § 100. Statutory Provisions on Trust Revocation
- § 101. Revocation by Persons Beneficially Interested in Trust
- § 102. Revocation by Settlor as Sole Beneficiary or Person Beneficially Interested
- § 103. Effect of Revoking Trust
- § 104. Actions to Revoke Trust
- § 105. Revocation of Trust in Deposit of Money in Bank or Other Financial Institution
- § 106. –Subsequent Will
- § 107. Revocation by Conditions or Reservations in Instrument Creating Trust
- § 108. Conditions or Reservations in Instrument Creating Trust; Creation and Existence
- § 109. Inclusion of Reservation of Power of Revocation as Affecting Validity
- § 110. Omission of Reservation of Power to Revoke Trust
- § 111. Mode of Revoking Trust
- § 112. –by Subsequent Will
- 9. Duration and Termination
- A. In General
- § 113. Duration and Termination of Trust, Generally
- § 114. Effect of Trust Termination
- A. In General
- B. Termination by Court Order
- § 115. Termination of Trust by Court Order, Generally
- § 116. Effect of Accomplishment of Trust Purposes or Lack Thereof
- § 117. Consent of Parties to Trust Termination
- C. Termination by Death of Parties
- § 118. Termination of Trust by Death of Parties, Generally
- § 119. Termination of Trust by Death of Beneficiaries
- D. Termination by Acts, Agreements, and Conveyances
- § 120. Termination of Trust by Acts, Agreements, and Conveyances, Generally
- § 121. Termination of Trust upon Agreement Between Trustee and Beneficiaries
- A. Cancellation and Reformation
- 1. General Considerations
- B. Resulting Trusts
- 1. Resulting Trusts, in General
- § 122. Nature of Resulting Trusts
- § 123. Types of Resulting Trusts
- § 124. Governing Law as to Resulting Trusts for Land
- § 125. Statutory Provisions Regarding Resulting Trusts
- § 126. –Effect of Statutes of Frauds and Statutes Prohibiting Parol Trusts
- § 127. Creation and Existence of Resulting Trusts
- § 128. –Need for Intention of Parties to Create Trust
- § 129. –Effect of Contract or Express Trust
- § 130. –Time of Creation
- § 131. Extinction of Resulting Trusts
- 2. Situations in Which Resulting Trusts DO or DO Not Arise
- A. Situations in Which Resulting Trusts DO or DO Not Arise, in General
- § 132. Failure or Extinguishment of Express Trust
- § 133. –Defect in Declaration of Express Trust
- § 134. –Illegal or Unauthorized Express Trust
- § 135. Imperfect Gift
- § 136. Want or Failure of Consideration for Conveyance
- § 137. –Effect of Recitation of Consideration
- § 138. Conveyance to Person Loaning or Paying Purchase Money
- § 139. Agreement to Purchase or Hold for Joint Benefit
- § 140. Conveyance on Faith of Grantee’s Intention to Hold IT for, or Convey IT to, Another
- § 141. Payment for Improvements on Another’s Land
- § 142. Payment to Reduce or Remove Encumbrance on Another’s Land
- § 143. Payment of Fiduciary Funds or Assets for Conveyance to Fiduciary or Third Person
- § 144. Payment of Principal’s Funds or Assets for Conveyance to Agent or Third Person
- B. Payment of Consideration for Conveyance to Another; Purchase-Money Resulting Trusts
- (1) Payment of Consideration for Conveyance to Another; Purchase-Money Resulting Trusts, in General
- § 145. Payment of Consideration for Conveyance to Another; Purchase-Money Resulting Trusts, Generally
- § 146. Presumption or Inference Regarding Purchase-Money Resulting Trusts
- § 147. Effect of Statutes Regarding Purchase-Money Resulting Trusts
- § 148. Property Subject to Purchase-Money Resulting Trusts
- § 149. Nature of Sale and Transfer or Conveyance as Basis for Resulting Trust
- § 150. Nature of Consideration for Purchase-Money Resulting Trusts
- § 151. Source of Consideration for Purchase-Money Resulting Trusts
- § 152. Time of Payment for Purchase-Money Resulting Trusts
- § 153. Mode and Sufficiency of Payment for Purchase-Money Resulting Trusts
- § 154. Part Payment for Purchase-Money Resulting Trusts
- § 155. –by Multiple Parties
- § 156. Purpose of Payment for Purchase-Money Resulting Trusts
- § 157. –Fraudulent or Illegal Purpose
- § 158. NO Resulting Trust Arising from Payment as Advancement or Gift
- (2) Effect of Relationship Between Parties on Purchase-Money Resulting Trusts
- § 159. Effect of Relationship Between Parties on Purchase-Money Resulting Trusts, Generally
- § 160. Effect of Husband and Wife Relationship on Purchase-Money Resulting Trusts
- § 161. –Payment by Husband or Wife with Title Taken in the Other or Jointly
- § 162. –Partial Payment with Funds of Husband or Wife; Payment with Joint Funds
- § 163. Effect of Parent and Child Relationship on Purchase-Money Resulting Trusts: Conveyance to Parent of Person Paying Consideration
- § 164. Effect of Parent and Child Relationship on Purchase-Money Resulting Trusts: Conveyance to Child of Person Paying Consideration
- § 165. Effect of Sibling Relationship on Purchase-Money Resulting Trusts
- (1) Payment of Consideration for Conveyance to Another; Purchase-Money Resulting Trusts, in General
- 3. Evidence and Questions of Law and Fact Regarding Resulting Trusts
- § 166. Presumptions and Burdens of Proof Regarding Resulting Trusts
- § 167. –Purchase-Money Resulting Trusts
- § 168. Admissibility of Evidence Regarding Resulting Trusts
- § 169. –Parol Evidence
- § 170. Weight and Sufficiency of Evidence Regarding Resulting Trusts
- § 171. –Payment or Ownership of Purchase Money
- § 172. –Admissions and Declarations
- § 173. –Degree of Proof Required
- § 174. Questions of Law and Fact Regarding Resulting Trusts
- A. Situations in Which Resulting Trusts DO or DO Not Arise, in General
- 1. Resulting Trusts, in General
- C. Constructive Trusts
- 1. Constructive Trusts, in General
- § 175. Constructive Trusts, Generally
- § 176. Elements and Requirements of Constructive Trusts, Generally
- § 177. Fraud, Inequitable Conduct, or Unjust Enrichment as Requisites of Constructive Trust
- § 178. –Effect of when Inequitable Conduct Arises
- § 179. Time of Creation of Constructive Trust
- § 180. Effect of Statutory Provisions on Constructive Trusts
- § 181. –Statute of Frauds and Statutes Prohibiting Parol Trusts
- 2. Particular Matters as Giving Rise to Constructive Trust
- A. Particular Matters as Giving Rise to Constructive Trust, in General
- § 182. Particular Matters as Giving Rise to Constructive Trust, Generally
- § 183. Mistake as Giving Rise to Constructive Trust
- § 184. Invalidity of Conveyance or Transfer May Give Rise to Constructive Trust
- § 185. Fraud or Other Wrongful Conduct in Acquisition of Property May Justify Constructive Trust
- § 186. –Particular Types of Transactions as Giving Rise to Constructive Trust
- § 187. –Acquisition at Judicial Sale
- § 188. Parol Promise by Devisee or Heir to Hold in Trust or Dispose of Devise, Bequest, or Inheritance
- § 189. Parol Promise to Hold in Trust or Reconvey Land Conveyed as Giving Rise to Constructive Trust
- § 190. Parol Agreement as to Land to be Purchased as Giving Rise to Constructive Trust
- § 191. Parol Agreement as to Land to be Purchased–Purchase at Judicial or Similar Type of Sale
- § 192. Wrongful or Unauthorized Possession or Control of Property and Constructive Trust; Defective Title
- § 193. Wrongful Disposition of Property May Justify Constructive Trust
- § 194. Conveyance, Bequest, or Devise Subject to Charge Giving Rise to Constructive Trust
- B. Violation of Fiduciary or Confidential Relationship as Giving Rise to Constructive Trust
- § 195. Violation of Fiduciary or Confidential Relationship as Giving Rise to Constructive Trust, Generally
- § 196. Nature of Confidential or Fiduciary Relationship Required to Impose Constructive Trust
- § 197. Particular Types of Relationships as Confidential and as Raising Constructive Trust
- § 198. Confidential Relationship as Extending Duty to Third Person Necessitating Constructive Trust
- 3. Evidence and Questions of Law and Fact Regarding Constructive Trusts
- § 199. Presumptions and Burdens of Proof Regarding Constructive Trusts
- § 200. –Confidential or Fiduciary Relationship
- § 201. Admissibility of Evidence Regarding Constructive Trusts
- § 202. –Parol Evidence
- § 203. Weight and Sufficiency of Evidence Regarding Constructive Trusts
- § 204. –Sufficiency of Evidence in Particular Cases
- § 205. Questions of Law and Fact Regarding Constructive Trusts
- A. Particular Matters as Giving Rise to Constructive Trust, in General
- 1. Constructive Trusts, in General
- A. Express Trusts
- III. Construction and Operation
- A. General Principles Governing Construction of Trusts
- § 206. Ambiguity and Necessity of Construction of Trusts, Generally
- § 207. Applicability of General Rules of Construction Used to Interpret Trusts and Other Documents
- § 208. General Principles of Construction Applicable to Trusts
- § 209. Construction as to Trust Settlor’s Intention
- § 210. Liberal or Strict Construction of Trusts
- § 211. Favoring Validity and Effectiveness of Trusts
- § 212. Favoring Beneficiaries, Heirs, or Others in Construing Trusts
- § 213. Favoring Present Trusts and Vested Interests
- § 214. Construing Trust Instrument as a Whole
- § 215. –Giving Effect to All Provisions; Surplusage
- § 216. Ordinary and Plain Meaning of Words in Trusts
- § 217. Repugnant Provisions in Trusts
- § 218. Construing Trust-Related Instruments Together
- § 219. Construction as Executed or Executory Trust
- § 220. Construction as to Property Included in Trust
- § 221. –Proceeds and Income
- § 222. Construction to Effectuate Purposes of Trust
- B. Governing Law
- § 223. Law Governing Construction of Trusts, Generally
- § 224. Situs of Trust
- § 225. Governing Law as to Administration of Trust
- § 226. Trust Provision Specifying Governing Law
- C. Evidence to Aid Construction
- § 227. Presumptions Affecting Construction of Trust
- § 228. Admissibility of Extrinsic Evidence in Construction of Trust
- § 229. Surrounding Circumstances of Execution of Trust
- § 230. Parties’ Conduct or Practical Construction of Trust
- D. Construction as to Parties
- 1. In General
- § 231. Ascertaining or Identifying Parties to Trust, Generally
- § 232. Construction as to Settlor or Creator of Trust
- § 233. Construction as to Trustees
- 2. Beneficiaries
- A. Determining and Identifying Beneficiaries, in General
- § 234. Ascertaining Beneficiaries to Trust, Generally
- § 235. Construction as to Class Gifts Under Trust
- § 236. Construction as to Settlor or Estate as Beneficiary of Trust
- § 237. Construction as to Survivorship Under Trust
- B. Particular Designations or Descriptions of Beneficiaries
- § 238. Designation of Trust Beneficiaries Based on Family Relationship, Generally
- § 239. Spouse, Widow, or Widower, and Related Terms Within Trust
- § 240. Children in Trust Instrument
- § 241. –Adopted
- § 242. –After-Born
- § 243. Descendants in Trust Instrument
- § 244. –Adopted
- § 245. Grandchildren or Great-Grandchildren in Trust Instrument
- § 246. Heirs in Trust Instrument
- § 247. Issue in Trust Instrument
- § 248. Next of Kin in Trust Instrument
- A. Determining and Identifying Beneficiaries, in General
- 1. In General
- E. Construction as to Estates or Interests in Trusts
- 1. Construction as to Estate or Interests, in General
- § 249. Legal Title and Equitable Estate Under Trust
- § 250. Effect of Statute of Uses and Similar Statutes on Execution of Trusts
- § 251. Construction as to Active Trusts
- § 252. Construction as to Passive Trusts
- § 253. –Merger of Legal and Equitable Estates
- § 254. Estate or Interest Remaining in Creator of Trust
- § 255. Effect of Invalidity or Failure of Trust
- § 256. Merger of Estates in Trust Property
- 2. Trustee’s Estate or Interest
- § 257. Construction as to Nature of Trustee’s Estate and Interest, Generally
- § 258. Extent of Estate Based on Purposes of Trust and Duty Imposed
- § 259. Estoppel of Trustee with Respect to Title
- § 260. Adverse Possession of Trust Property
- § 261. Protection Against Trustee’s Creditors
- 3. Beneficiaries’ Estate or Interest
- A. In General
- § 262. Construction as to Mutual Rights and Liabilities of Trust Beneficiaries
- § 263. Validity of Trust Instrument and Estoppel and Waiver
- § 264. Effect of Resulting Trusts on Beneficiary’s Interest
- B. Express Trust
- § 265. Extent of Estate Created by an Express Trust, Generally
- § 266. Nature of Trust Beneficiary’s Interest
- § 267. Trust Beneficiary’s Interest as Real or Personal Property
- § 268. Vested or Contingent Interest of Trust Beneficiary
- § 269. Application of Rule in Shelley’s Case to Trust Estates
- § 270. Estate in Trust on Condition
- § 271. –NO Contest Clause
- § 272. Several Trust Beneficiaries
- § 273. Trust Beneficiary’s Power of Appointment or Disposition
- § 274. Estate or Interest of Remaindermen in Trust
- § 275. –Vested or Contingent
- § 276. Estate or Interest of Beneficiary of Spendthrift Trust
- C. Transfer of Estate or Interest in Trust
- § 277. Transfer of Estate or Interest in Trust, Generally
- § 278. Restrictions Against Alienation of Interest in Trust
- § 279. Alienation of Income from Trust Property in Anticipation
- § 280. Resulting or Implied Trusts
- D. Rights and Remedies of Beneficiaries’ Creditors
- § 281. Claims by Trust Beneficiary’s Creditors, Generally
- § 282. Spendthrift Trusts
- § 283. –Claims for Providing Support
- § 284. –Trusts Created to Evade Creditors
- § 285. Discretionary Trusts
- § 286. Statutory Provisions Exempting Trust Beneficiary’s Interest
- § 287. Statutory Provisions Subjecting Trust Beneficiary’s Interest to Debts
- § 288. Proceedings to Subject Trust Beneficiary’s Interest to Creditor’s Claims
- A. In General
- 1. Construction as to Estate or Interests, in General
- A. General Principles Governing Construction of Trusts
- IV. Trustees; Appointment, Qualification, and Tenure of Trustee; Survivorship
- A. Who is and Who May be Trustee, in General
- § 289. Who May be Trustee, Generally
- § 290. Corporations as Trustee; Voluntary or Unincorporated Associations
- § 291. Interest as Affecting Capacity to Act as Trustee
- § 292. –Beneficiary of Trust
- B. Appointment and Designation
- 1. In General
- § 293. Appointment and Designation of Trustee, Generally
- § 294. Appointment of Trustee by Creator of Trust
- § 295. Appointment of Trustee by Donee of Power of Appointment
- § 296. –Supervisory Power of Court
- 2. Appointment by Court
- A. Nature and Exercise of Court Authority to Appoint Trustee, in General
- § 297. Court Appointment of Trustee, Generally
- § 298. Effect of Trust Provisions on Court’s Authority to Appoint Trustee
- § 299. Circumstances for Exercising Court Authority to Appoint Trustee
- § 300. Who May be Appointed Trustee by Court
- B. Proceedings in Court Appointment of Trustee
- § 301. Proceedings to Appoint Trustee, Generally
- § 302. Jurisdiction and Venue for Proceedings to Appoint Trustee
- § 303. Parties in Proceedings to Appoint Trustee
- § 304. Form and Sufficiency of Application to Appoint Trustee; Notice
- § 305. Factors Considered in Proceedings to Appoint Trustee; Evidence
- § 306. Order and Review in Proceedings to Appoint Trustee
- § 307. –Changing Number of Trustees
- C. Trustee Qualification
- § 308. Trustee Qualifications, Generally
- § 309. Bond Requirement for Trustee
- D. Resignation, Discharge, and Removal; Suspension of Trustee’s Powers
- 1. Resignation and Discharge
- § 310. Resignation or Discharge of Trustee, Generally
- § 311. Tender of Resignation; Discharge of Trustee
- § 312. Grounds for Acceptance and Discharge of Trustee
- 2. Removal; Suspension of Trustee’s Powers
- A. Removal Proceedings, in General
- § 313. Power and Discretion of Court to Remove Trustee, Generally
- § 314. Proceedings for Removal of Trustee
- § 315. –Evidence, Questions of Fact, Findings
- § 316. –Costs and Expenses
- § 317. Removal of Trustee Without Court Action
- B. Grounds for Removal of Trustee
- § 318. Grounds for Removal of Trustee, Generally
- § 319. Adverse or Conflicts of Interest as Grounds for Removal of Trustee
- § 320. Misconduct and Mismanagement in Execution of Trust as Grounds for Removal of Trustee
- A. Removal Proceedings, in General
- 1. Resignation and Discharge
- E. Death, Survivorship, and Devolution of Title
- § 321. Devolution of Office of Trustee
- § 322. Devolution of Title of Trustee
- F. Executors and Administrators as Trustees
- § 323. Executors or Administrators as Trustees, Generally
- § 324. Dual Nature of Office of Trustee and Executor
- § 325. Designation or Appointment of Executor as Trustee, Acceptance of Trust, and Qualification
- § 326. Effect of Renunciation or Resignation of Executor on Role as Trustee
- § 327. De Facto Trustees; Trustee de Son Tort
- A. Nature and Exercise of Court Authority to Appoint Trustee, in General
- 1. In General
- A. Who is and Who May be Trustee, in General
- V. Execution of Trust and Management of Property
- A. Powers, Duties, and Liabilities of Trustee, in General
- 1. Rights and Powers of Trustee, in General
- § 328. Source and Nature of Trustee Rights and Powers
- § 329. Power of Trustee to Bind Estate and Parties
- § 330. Discretion of Trustee in Exercise of Rights and Powers
- 2. Duties and Liabilities of Trustee, in General
- A. In General
- § 331. Source and Nature of Trustee Duties and Liabilities
- § 332. Summary of Duties of Trustee in Relation to Trust Property and Assets
- § 333. Standard of Care and Conduct as Fiduciary in Performance of Trustee Duty
- § 334. Mandatory Direction for Trustee to Exercise Power or Perform Duty
- § 335. Acquisition by Trustee of Trust Property or Interest Adverse to Trust
- § 336. Transactions Between Trustee and Beneficiary
- § 337. Acquisition by Trustee of Property from Third Persons
- § 338. Tort Liability of Trustee in Execution of Trust Duties
- § 339. Estoppel, Waiver, Consent, or Release Precluding Liability of Trustee for Breach of Trust
- B. Trustee’s Duty to and Representation of Beneficiary
- § 340. Nature of Trustee’s Duty to and Representation of Beneficiary
- § 341. Trustee’s Duty to Disclose Information to Beneficiaries
- C. Trustee’s Personal Interest, Profit, or Advantage from Trust
- § 342. Self-Dealing or Advantage by Trustee Adverse to Trust or Beneficiaries
- § 343. Financial Gain or Profit by Trustee Adverse to Trust or Beneficiaries
- § 344. Interest of Trustee in Corporation when Stock Held by Trust
- § 345. Advantage of Trustee in Dealings with Trust Estate
- § 346. Ownership or Interest of Trustee in Property Sold to Trust
- D. Nature and Extent of Trustee’s Liability for Breach of Duty
- § 347. Basis and Nature of Trustee’s Liability for Breach of Duty
- § 348. Statutory Limit of Trustee’s Liability for Breach of Duty
- § 349. Trust Provision Limiting Trustee’s Liability for Breach of Duty
- A. In General
- 3. Powers, Duties, and Liabilities of Particular Trustees
- § 350. Powers, Duties, and Liabilities of Executor Serving as Trustee
- § 351. Powers, Duties, and Liabilities of Successor Trustee
- § 352. Powers, Duties, and Liabilities of Representative of Deceased Trustee
- 4. Trustee’s Delegation of Power or Duty
- § 353. Authority and Effect of Trustee’s Delegation of Power or Duty
- § 354. Employment of Agents and Attorneys by Trustee
- 5. Cotrustees’ Authority, Duty, and Liability
- § 355. Joint or Several Authority or Duty of Cotrustees
- § 356. Joint or Several Liabilities of Cotrustees
- 6. Judicial Control and Supervision of Trustees; Requested Instructions
- A. Power and Jurisdiction of Court to Supervise and Control Trustees
- § 357. Exercise of Trust Powers by Court on Failure or Inability of Trustee to Act
- § 358. Equitable Power and Jurisdiction of Court for Supervision and Control of Trustees
- § 359. Exercise of Court’s Power of Supervision and Control of Trustees
- § 360. –Abuse of Discretion Standard for Judicial Review of Trustees’ Acts
- B. Proceedings for Court Instructions to Trustees
- § 361. Request for Instructions from Court for Administration and Execution of Trust, Generally
- § 362. Petition or Request for Court Instructions to Trustee
- § 363. Parties to Proceedings for Court Instructions to Trustee
- § 364. Process and Notice in Proceedings for Court Instructions to Trustee
- § 365. Hearing in Proceedings for Court Instructions to Trustee
- § 366. Evidence in Proceedings for Court Instructions to Trustee
- § 367. Decree or Order in Proceedings for Court Instructions to Trustee
- § 368. Review of Proceedings for Court Instructions to Trustee
- § 369. Costs and Attorney’s Fees in Proceedings for Court Instructions to Trustee
- A. Power and Jurisdiction of Court to Supervise and Control Trustees
- 1. Rights and Powers of Trustee, in General
- B. Trustees’ Collection of Assets and Claims Due Estate
- 1. In General
- § 370. Powers and Duties of Trustees to Collect Assets and Claims Due Estate, Generally
- § 371. Powers and Duties of Cotrustees or Successors to Collect Assets and Claims Due Estate
- § 372. Extent or Limitation of Powers and Duties of Trustees to Collect Assets and Claims Due Estate
- § 373. Effect of Payment to Trustee of Assets and Claims Due Estate
- 2. Trustees’ Release or Compromise of Assets or Claims
- § 374. Trustees’ Release of Assets or Claims
- § 375. Trustees’ Compromise of Assets or Claims
- 3. Trustee’s Collection of Rents and Profits Due Estate
- § 376. Authority and Duty of Trustee to Collect Rents and Profits Due Estate
- § 377. Liability for Rent and Profit by Trustee Without Duty to Rent Trust Property
- 1. In General
- C. Trustee’s Possession, Preservation, and Management of Property
- 1. Trustee’s Possession, Control, and Management of Property
- § 378. Right and Duty of Trustee to Possess, Control, and Manage Property
- § 379. Extent of Trustee’s Possession, Control, and Management of Property
- § 380. Management of Trade or Business by Trustee
- § 381. Gift or Dedication of Property by Trustee
- 2. Trustee’s Protection, Preservation, and Maintenance of Property
- § 382. Duty of Trustee to Protect, Preserve, and Maintain Trust Property
- § 383. Location or Place of Keeping Trust Property by Trustee
- § 384. Liability of Trustee for Waste of Trust Property
- § 385. Liability of Trustee for Conversion or Misappropriation of Trust Property
- § 386. Comingling of Trust Property and Property of Trustee
- 3. Trustee’s Deposit of Trust Funds
- § 387. Trustee’s Deposit of Trust Funds, Generally
- § 388. Form or Manner of Trustee’s Deposits of Trust Funds
- 4. Trustee’s Creation and Management of Contractual Obligations
- § 389. Trustee’s Contractual Authority and Duty
- § 390. Personal Liability of Trustee on Contracts
- 5. Trustee’s Expenses, Claims, and Reimbursements
- A. In General
- § 391. Trustee’s Estate Expenses, Generally
- § 392. Trustee’s Payment of Estate Debts and Discharge of Encumbrances
- § 393. Trustee’s Authority to Bind Estate by Negotiable Paper
- § 394. Trustee’s Authority to Bind Estate by Loan
- § 395. Trustee’s Authority to Bind Estate by Contracts for Services
- § 396. Expense of Trustee’s Bond
- B. Trust Fund, Property, Principal, or Income Chargeable with Trust Expenses
- § 397. Payment of Trust Expenses by Trust Fund or Property, Generally
- § 398. Charging Trust Expenses to Trust Principal or Income
- C. Repairs and Improvements as Claims Against Estate
- § 399. Trustee’s Expenses for Repairs and Improvements to Trust Property
- § 400. Fund or Property Chargeable for Trustee’s Expenses for Repairs and Improvements
- D. Taxes and Assessments as Claims Against Estate
- § 401. Trustee’s Payment of Taxes and Assessment as Claims Against Estate
- § 402. Fund or Property Chargeable for Taxes and Assessments Against Estate
- E. Attorney’s Fees as Claims Against Estate
- § 403. Attorney’s Fees as Claims Against Estate; Reimbursement of Trustee
- § 404. Amount of Attorney’s Fees Allowable as Claims Against Estate
- § 405. Impartiality, Adverse Interests, or Misconduct Affecting Claims for Attorney’s Fee Against Estate
- § 406. Fund or Property Chargeable with Claims for Attorney’s Fees Against Estate
- § 407. Employment and Payment of Attorney by Beneficiary as Claim Against Estate
- F. Litigation Costs and Expenses as Claims Against Estate
- § 408. Trustee’s Litigation Costs and Expenses as Claims Against Estate
- § 409. Beneficiary’s Litigation Costs and Expenses as Claims Against Estate
- § 410. Fund or Property Charged for Litigation Costs and Expenses as Claims Against Estate
- G. Reimbursement or Indemnity of Trustee for Expenses
- § 411. Terms or Conditions for Reimbursement or Indemnification of Trustee’s Expenses
- § 412. Interest Allowed on Trustee’s Payment of Expenses
- § 413. Lien or Security for Reimbursement or Indemnification for Trustee’s Payment of Expenses
- A. In General
- 1. Trustee’s Possession, Control, and Management of Property
- D. Sale and Conveyance by Trustee
- 1. Power of Sale by Trustee Without Trust Provision for Sale
- § 414. Order of Court for Sale of Assets by Trustee in Absence of Trust Provision for Sale
- § 415. Statute Authorizing Sale of Assets by Trustee in Absence of Trust Provision for Sale
- § 416. Prohibition of Sale of Assets by Trustee in Absence of Trust Provision for Sale
- § 417. Sale of Assets by Trustee with Consent of Beneficiaries in Absence of Trust Provision for Sale
- 2. Power of Sale by Trustee Under Trust Provision
- A. Nature and Validity of Trustee’s Power of Sale Under Trust Provision
- § 418. Trust Provision as Source of Trustee’s Power of Sale, Generally
- § 419. Nature of Trustee’s Power of Sale Conferred by Trust Provision for Sale
- § 420. Validity of Trustee’s Power of Sale Conferred by Trust Provision for Sale
- § 421. Implied or Inferred Power of Trustee to Sell Under Terms of Trust
- § 422. –Powers of Investment or Distribution
- § 423. Trust Provision for Sale Requiring Consent of Beneficiaries as Condition of Sale by Trustee
- B. Exercise of Trustee’s Power of Sale Under Trust Provision
- § 424. Duration and Termination of Trustee’s Power of Sale Under Trust Provision for Sale
- § 425. Manner and Scope of Exercise of Trustee’s Power of Sale Under Trust Provision for Sale
- § 426. Persons Authorized to Exercise Power of Sale Under Trust Provision for Sale
- C. Construction of Trust Provisions for Trustee’s Power of Sale
- § 427. Principles for Construction of Trust Provisions for Trustee’s Power of Sale
- § 428. Construction of Trust Provisions for Imperative or Discretionary Powers of Sale
- § 429. Construction of Trust Provisions Prohibiting Sale
- § 430. Construction of Trust Provisions for Property or Interests in Power of Sale
- § 431. Consideration of Purpose of Trust in Construction of Trust Provisions for Power of Sale
- A. Nature and Validity of Trustee’s Power of Sale Under Trust Provision
- 3. Court Control and Direction of Trustee’s Power of Sale
- A. In General
- § 432. Nature and Scope of Court Control and Direction of Trustee’s Power of Sale
- § 433. Grounds for Court Order of Sale by Trustee
- § 434. Trust Prohibition of Sale by Trustee Affecting Court Control or Direction of Sale
- B. Court Proceedings on Application for Sale of Trust Property
- § 435. Authority, Jurisdiction, and Validity of Court Proceedings on Application for Sale of Trust Property
- § 436. Parties to Court Proceedings on Application for Sale of Trust Property
- § 437. Petition or Application to Court for Sale of Trust Property
- § 438. Notice of Court Proceedings for Sale of Trust Property
- § 439. Evidence in Court Proceedings for Sale of Trust Property
- § 440. Hearing, Determination, and Discretion in Court Proceedings for Sale of Trust Property
- § 441. Relief in Court Proceedings for Sale of Trust Property
- § 442. Form and Requisites of Court Decree on Sale of Trust Property
- § 443. Operation and Effect of Court Decree for Sale of Trust Property
- § 444. Appeal and Review of Court Proceedings for Sale of Trust Property
- A. In General
- 4. Time, Manner, Terms, and Consideration for Sale by Trustee
- § 445. Time of Sale by Trustee
- § 446. Manner and Conduct of Sale by Trustee
- § 447. Terms and Conditions of Sale by Trustee
- § 448. –Price
- § 449. Obligation for Payment of Purchase Money on Sale by Trustee
- § 450. Responsibility and Accountability of Trustee for Proceeds of Sale by Trustee
- § 451. Instrument and Record of Conveyance on Sale by Trustee
- § 452. Transfer of Securities and Rights of Action by Trustee
- 5. Purchase by Trustee at Sale by Trustee
- § 453. Prohibition Against Trustee’s Purchase at Sale by Trustee
- § 454. Exceptions to Prohibition Against Trustee’s Purchase at Sale by Trustee
- § 455. Rights and Remedies on Wrongful Purchase by Trustee at Sale by Trustee
- § 456. Purchase by Trustee from Beneficiary
- 6. Operation and Effect of Sale by Trustee
- A. Validity and Conclusiveness of Sale by Trustee, in General
- § 457. Validity of Trustee’s Sale
- § 458. Conclusiveness of Trustee’s Sale; Attack on Sale
- § 459. Liability of Trustee for Wrongful Sale or Failure to Sell
- B. Court Setting Aside or Vacating Sale by Trustee
- § 460. Grounds for Court Setting Aside or Vacating Sale by Trustee
- § 461. Procedure for Court Setting Aside or Vacating Sale by Trustee
- § 462. Remedies for Court Setting Aside or Vacating Sale by Trustee
- C. Court Confirmation of Sale by Trustee
- § 463. Requirement of Court Confirmation of Sale by Trustee
- § 464. Proceedings for Court Confirmation of Sale by Trustee
- § 465. Operation and Effect of Court Confirmation of Sale by Trustee
- § 466. Appeal and Review of Court Confirmation of Sale by Trustee
- D. Rights and Title of Purchaser at Sale by Trustee
- § 467. Effect of Deed or Conveyance by Trustee to Grantee
- § 468. –Bona Fide Purchaser Without Notice
- § 469. Encumbrances and Warranty of Deed or Conveyance by Trustee to Grantee
- § 470. Right and Title of Subsequent Grantee After Deed or Conveyance by Trustee
- A. Validity and Conclusiveness of Sale by Trustee, in General
- 1. Power of Sale by Trustee Without Trust Provision for Sale
- E. Mortgage, Pledge, or Lease
- 1. Mortgage or Pledge
- § 471. Trustee’s Power to Mortgage or Pledge Property, Generally
- § 472. Express Power of Trustee to Mortgage or Pledge Property
- § 473. Implied Power of Trustee to Mortgage or Pledge Property
- § 474. Necessity and Effect of Beneficiaries’ Consent to Trustee’s Mortgage or Pledge of Property
- § 475. Mortgage of Trust Property by Court Order
- § 476. Purpose of Mortgage or Pledge of Trust Property
- § 477. Requisites and Execution of Mortgage or Pledge of Trust Property
- § 478. Personal Liability of Trustee on Mortgage or Pledge of Trust Property
- § 479. Rights, Duties, and Remedies of Mortgagee or Pledgee of Trust Property; Enforcement of Mortgage
- 2. Lease
- A. In General
- § 480. Trustee’s Power to Lease Trust Property
- § 481. Implied Power of Trustee to Lease Trust Property
- § 482. Estoppel or Ratification by Beneficiary of Trustee’s Lease of Trust Property
- § 483. Rights and Liabilities of Lessee of Trust Property
- B. Exercise of Authority
- § 484. Exercise of Trustee’s Authority to Lease Trust Property, Generally
- § 485. Who May Lease Trust Property
- § 486. Execution of Lease of Trust Property
- § 487. Amount of Rent and Payment Under Lease of Trust Property
- § 488. Court Approval of Lease of Trust Property
- § 489. Term of Lease of Trust Property
- A. In General
- 1. Mortgage or Pledge
- F. Investments
- 1. General Principles
- § 490. Power and Duty to Invest Trust Property
- § 491. Trustee’s General Standard of Care in Connection with Investment of Trust Property; Prudent Investor Rule
- § 492. Delegation of Trustee’s Authority to Invest Trust Property
- § 493. Duty with Respect to Cotrustees and Successor Trustees Investing Trust Property
- § 494. Time Considerations for Trustee’s Investment of Trust Property
- § 495. Place of Investment of Trust Property
- § 496. Rate of Return on Investment of Trust Property
- § 497. Combining Investments of Trust Property
- § 498. Investment in Common Trust Funds
- § 499. Investment in Trustee’s Name
- § 500. Beneficiary’s Consent, Acquiescence, or Estoppel in Connection with Trustee’s Investment of Trust Property
- § 501. Beneficiaries’ Rights in Connection with Trustee’s Investment of Trust Property
- 2. Nature of Investment
- A. In General
- § 502. Overview of Trustee’s Duties in Selecting Investments
- § 503. Application of Prudent Person Rule in Selection and Sale of Trust Investments
- § 504. Investment of Trust Property in Assets of Wasting Nature
- § 505. Trustee’s Duty to Diversify Investments
- § 506. Investment of Trust Funds as Subject to Statutes and Judicial Control
- § 507. Law Governing Investment of Trust Funds
- § 508. Effect of Settlor’s Instructions on Trustee’s Investment Powers
- § 509. Effect of Settlor’s Instructions on Court’s Power to Authorize Trustee’s Investments
- § 510. Effect of Retained Powers or Consent Provisions on Trustee’s Investment Powers
- B. Enumerated Legal Investments
- § 511. Statutory List of Legal Trust Investments, Generally
- § 512. Applicable Standard of Care in Absence of Statutory List of Legal Trust Investments
- § 513. Court Authorization for Trust Investment in Items Not on Statutory List of Legal Investments
- § 514. Effect of Trust Instrument on Trustee’s Obligation to Invest Only in Investments on Statutory List
- C. Particular Types of Investments
- § 515. Mortgage as Trust Investment
- § 516. Land as Trust Investment
- § 517. Bank Deposit as Trust Investment
- § 518. Government Bonds as Trust Investment
- § 519. Corporate Stock and Bonds as Trust Investment
- § 520. Personal Loans as Trust Investment
- § 521. Businesses as Trust Investment
- § 522. Insurance or Annuities as Trust Investment
- A. In General
- 3. Retention or Disposal of Investments
- § 523. Retention or Disposal of Improper and Unproductive Trust Investments
- § 524. Retention or Disposal of Investments Transferred to Trust
- § 525. Retention of Investment Authorized by Statute or Trust Instrument
- § 526. Trust Instrument Construed as Authorizing Change of Trust Investments
- § 527. Showing Necessity to Exercise Power to Change Trust Investments
- § 528. Retention by Trust of Securities After Corporate Reorganization
- § 529. Exercise of Stock Subscription Rights by Trust
- 4. Loss or Depreciation
- § 530. Liability of Trustee for Loss or Depreciation of Investments
- § 531. Measure of Trustee’s Liability for Loss or Depreciation of Investments
- § 532. Persons Liable for Loss or Depreciation of Trust Investments
- § 533. Limitation in Trust Instrument of Trustee’s Liability with Respect to Investments
- § 534. Apportionment of Loss on Trust Investments Between Principal and Income
- 1. General Principles
- G. Interest on Funds of Estate
- 1. Liability of Trustee for Interest, in General
- § 535. Liability of Trustee for Interest on Funds of Trust Estate, Generally
- § 536. Interest on Funds of Trust Estate Charged Against Trustee as Damages, Profits, or Incident of Debt
- § 537. Circumstances for Charging Trustee for Interest on Funds of Trust Estate
- § 538. –Failure to Invest or Deposit
- § 539. –Delay in Accounting, Settling Estate, or Paying Income
- § 540. –Improper Use or Application of Funds
- 2. Rate, Time, and Computation
- § 541. Computation of Interest on Funds of Trust Estate
- § 542. Rate of Interest on Funds of Trust Estate
- § 543. Compound Interest on Funds of Trust Estate
- 1. Liability of Trustee for Interest, in General
- H. Payment and Distribution of Property and Funds
- 1. Nature of and Authority for Distributions
- § 544. Nature of and Authority for Distribution of Trust Property, Generally
- § 545. Principles Governing Distribution of Trust Property
- § 546. Time for Distribution of Trust Property
- § 547. Effect of Beneficiary’s Indebtedness to Trust on Distribution of Trust Property
- § 548. Persons Entitled to Distribution of Trust Property; Effect of Unauthorized Payments
- § 549. Reimbursement to Trustee for Advances and Overpayments
- § 550. Reservation of Trust Funds to Meet Contingencies
- § 551. Trustee’s Duty to Distribute Trust Property
- § 552. Trustee’s Duties as to Payment of Annuities
- 2. Payment and Distribution of Original Trust Estate
- A. Transfer or Conveyance to Trust Beneficiary; Reconveyance to Settlor
- § 553. Obligation to Convey Original Trust Estate, Generally
- § 554. Transfer or Conveyance of Trust Estate by Order of Court
- § 555. Time for Conveyance of Trust Property to Beneficiaries Following Termination of Trust
- § 556. Effect of Rightful Conveyance of Trust Property
- § 557. Reconveyance of Trust Property to Settlor
- B. Right to, and Expenditure of, Principal
- § 558. Obligation to Preserve Trust Principal Except as Authorized, Generally
- § 559. Allowed Expenditures from Trust Principal
- § 560. Use of Trust Principal for Particular Beneficiaries
- § 561. Discretion of Trustee or Beneficiary to Invade Trust Principal
- A. Transfer or Conveyance to Trust Beneficiary; Reconveyance to Settlor
- 3. Income and Accumulations
- § 562. Distribution of Trust Income, Generally
- § 563. Right to and Disposition of Accumulated Trust Income
- § 564. Intent of Trust Instrument with Respect to Trust Income
- § 565. Discretion of Trustee as to Payment or Use of Trust Income
- § 566. Necessity of Payment of Trust Income Directly to Beneficiary
- § 567. Time of Payment of Trust Income
- § 568. Effect of and Presumptions as to Payment of Trust Income
- § 569. Amount, Computation, and Mode of Payment of Trust Income
- § 570. Overpayment of Trust Income
- 4. Distinction Between Capital and Income; Apportionment Among Persons Entitled
- § 571. Distinction Between Trust Capital and Income, Generally
- § 572. Particular Forms of Trust Property as Principal or Income
- § 573. Proceeds and Profits of Sale of Trust Property as Principal or Income
- § 574. Apportionment of Trust Principal and Income Between Life Tenant and Remainderman
- 1. Nature of and Authority for Distributions
- I. Actions
- 1. In General
- § 575. Capacity of Trust to Sue
- § 576. Actions Between Cotrustees
- § 577. Standing of Trust Beneficiaries in Action Involving Trust
- 2. Who May Maintain an Action on Behalf of or Against Trust
- A. Actions at Law
- § 578. Who May Maintain Action at Law on Behalf of or Against Trust, Generally
- § 579. Capacity of Trustee in Action at Law on Behalf of or Against Trust
- § 580. Particular Proceedings at Law on Behalf of or Against Trust
- B. Equitable Actions
- § 581. Action in Equity by Trustee
- § 582. Action in Equity by Trust Beneficiary
- § 583. Action in Equity by Third Person Against Trustee or Trust Estate
- A. Actions at Law
- 3. Pleading and Practice
- § 584. Pleadings in Actions Involving Trusts, Generally
- § 585. Defenses in Actions Involving Trusts
- § 586. Jurisdiction and Venue in Actions Involving Trusts
- § 587. Time to Sue, Limitations, and Laches in Actions Involving Trusts
- § 588. Process in Actions Involving Trusts; Appearance
- 4. Parties
- § 589. Parties in Actions at Law Involving Trust
- § 590. Trustee as Party in Action Involving Trust
- § 591. Trust Beneficiary as Party in Action Involving Trust
- § 592. Third Persons as Parties to Action by or Against Trustee
- § 593. Joinder of Parties in Action Involving Trust
- § 594. Intervention in Action Involving Trust
- 5. Trial, Judgment, and Review
- § 595. Evidence in Action Involving Trust
- § 596. Presumptions in Action Involving Trust Relating to Acts of Trustee; Burden of Proof
- § 597. Conduct of Trial in Action Involving Trust; Issues of Fact
- § 598. Judgment or Decree in Action Involving Trust; Costs
- § 599. Enforcement of Judgment or Decree in Action Involving Trust
- § 600. Appeal and Error in Action Involving Trust
- 1. In General
- A. Powers, Duties, and Liabilities of Trustee, in General
- VI. Accounting and Settlement
- A. General Considerations
- 1. Duty to Account; Private Accounting and Settlement
- § 601. Trustee’s Duty to Account, Generally
- § 602. Factors Not Affecting Trustee’s Duty to Account
- § 603. Express Exemption from Trustee’s Duty to Account
- § 604. Private Accounting and Settlement Between Trustee and Interested Parties
- 2. Time for Accounting
- § 605. Time for Trustee to Account, Generally
- § 606. Final Account by Trustee
- 3. Charges and Credits
- § 607. Charges Against Trustee
- § 608. –Amount of Charge
- § 609. Credits in Favor of Trustee
- § 610. –Credit for Payment or Distribution to Beneficiaries
- 4. Operation and Effect of Accounting
- § 611. Operation and Effect of Accounting of Trustee, Generally
- § 612. Persons Concluded by Accounting of Trustee
- § 613. Matters Concluded by Accounting of Trustee
- 1. Duty to Account; Private Accounting and Settlement
- B. Who May Require Accounting
- § 614. Who May Require Accounting by Trustee, Generally
- § 615. Particular Persons Who May Require Accounting by Trustee
- § 616. –Holders of Contingent or Reversionary Interests
- § 617. Loss of Right to Require Accounting by Trustee
- § 618. Power of Court to Order Accounting by Trustee
- C. Who May be Required to Account
- § 619. Who May be Required to Account for Trust Property, Generally
- § 620. Successor Trustees and Representatives as Persons Who May be Required to Account
- D. Scope of Liability and Property Included in Accounting
- § 621. Scope of Trustee’s Liability for Trust Property in Accounting, Generally
- § 622. Period for Which Trustee is Liable to Account for Trust Property
- E. Proceedings for Accounting
- § 623. Proceedings for Accounting by Trustee, Generally
- § 624. Limitations and Laches in Context of Proceedings for Accounting by Trustee
- § 625. Voluntary Action by Trustee for Accounting
- § 626. Action to Compel Accounting by Trustee
- F. Compensation
- 1. In General
- § 627. Compensation of Trustees, Generally
- § 628. Persons or Fund Liable for Trustee’s Compensation
- § 629. –as Between Principal and Income
- § 630. Lien for Trustee’s Compensation
- § 631. Commissions Awarded to Trustee as Compensation
- § 632. Extra Compensation of Trustee
- 2. Services for Which Compensation Allowed
- § 633. Services for Which Trustee’s Compensation Allowed, Generally
- § 634. Trustee’s Compensation for Extraordinary Services
- § 635. Trustee’s Compensation for Services as Attorney
- 3. Right to Compensation and Persons Entitled
- § 636. Right to Trustee’s Compensation, Generally
- § 637. Persons Entitled to Compensation as Trustee
- § 638. –Cotrustees
- § 639. –Successive Trustees
- § 640. Effect of Trust Instrument Provisions and Party Agreements on Trustee’s Right to Compensation
- § 641. Judicial Approval and Allowance of Trustee’s Compensation
- § 642. Waiver of or Estoppel as to Trustee’s Compensation
- 4. Basis of Computation
- A. In General
- § 643. Basis for Computation of Trustee’s Compensation, Generally
- § 644. Computation of Trustee’s Compensation Pursuant to Statute; Income Previously Received
- § 645. Trustee’s Compensation for Administration of One or Several Trusts
- B. On Corpus of Estate, in General
- § 646. Entitlement of Trustee to Allowance on Corpus of Trust, Generally
- § 647. Valuation of Trust Property for Purposes of Trustee’s Allowance on Corpus of Trust
- C. On Receipts and Disbursements, in General
- § 648. Trustee’s Compensation Computed on Basis of Receipts and Disbursements by Trustee, Generally
- § 649. Computation of Trustee’s Compensation on Basis of Investments, Reinvestments, and Income
- § 650. Trustee’s Compensation for Sale of Assets of Estate
- A. In General
- 5. Amount of Compensation, in General
- § 651. Amount of Trustee’s Compensation, Generally
- § 652. Determination of Reasonable Compensation of Trustee; Factors Considered
- § 653. Effect of Trust Instrument Provisions and Party Agreements on Amount of Trustee’s Compensation
- § 654. –Construction and Operation of Provisions or Agreement
- 6. Forfeiture or Reduction of Compensation
- § 655. Forfeiture or Reduction of Trustee’s Compensation, Generally
- § 656. Discretion of Court Regarding Forfeiture or Reduction of Trustee’s Compensation
- § 657. Forfeiture or Reduction of Trustee’s Compensation for Improper Investment
- § 658. Forfeiture or Reduction of Trustee’s Compensation for Failure to File or Keep Accounts
- § 659. Forfeiture or Reduction of Trustee’s Compensation for Conversion, Misappropriation, or Commingling of Funds
- § 660. Forfeiture or Reduction of Trustee’s Compensation in Case of Resignation or Removal of Trustee
- § 661. Forfeiture or Reduction of Trustee’s Compensation in Case of Death or Insolvency of Trustee
- 7. Allowance and Recovery
- § 662. Proceeding for Allowance and Recovery of Trustee’s Compensation, Generally
- § 663. Jurisdiction over Proceeding to Allow Trustee’s Compensation
- § 664. Right to Object or Except to Allowance of Trustee’s Commission as Barred by Waiver, Laches, or Estoppel
- § 665. Application for Allowance of Trustee’s Compensation
- § 666. Evidence in Proceeding for Allowance of Trustee’s Compensation
- § 667. Hearing and Determination in Proceeding for Allowance of Trustee’s Compensation
- § 668. Conclusiveness of Adjudication in Proceeding for Allowance of Trustee’s Compensation
- § 669. Review of Proceeding for Allowance of Trustee’s Compensation
- 1. In General
- G. Stating and Settling Accounts
- 1. In General
- § 670. Stating and Settling Trust Accounts, Generally
- § 671. Form and Requisites of Trustee’s Accounts
- § 672. –Itemization of Receipts and Disbursements
- § 673. Duty of Trustee to Take and Preserve Vouchers and Proof of Payment
- 2. Objections and Exceptions
- § 674. Objections and Exceptions to Trustee’s Account, Generally
- § 675. Parties Who May Contest Account Presented by the Trustee; Joinder of Parties
- § 676. Dismissal or Reservation of Question in Connection with Objections to Trustee’s Account
- § 677. Estoppel or Waiver in Connection with Objections to Trustee’s Account
- 3. Determination of Issues; Judgment or Decree
- § 678. Determination of Issues in Proceeding for Settlement of Trust Accounts, Generally
- § 679. Referral in Proceeding for Settlement of Trust Accounts
- § 680. Presumptions in Proceeding for Settlement of Trust Accounts
- § 681. Burden of Proof in Proceeding for Settlement of Trust Accounts
- § 682. Admissibility of Evidence in Proceeding for Settlement of Trust Accounts
- § 683. Weight and Sufficiency of Evidence in Proceeding for Settlement of Trust Accounts
- § 684. Judgment or Decree in Proceeding for Settlement of Trust Accounts, Generally
- 1. In General
- H. Opening, Vacating, or Setting Aside Settlement of Accounts
- § 685. Opening, Vacating, or Setting Aside Settlement of Trust Account, Generally
- § 686. Proceedings for Opening, Vacating, or Setting Aside Settlement of Trust Account
- § 687. Modification of Annual or Intermediate Trust Account
- § 688. Limitations and Laches in Connection with Proceedings for Opening, Vacating, or Setting Aside Settlement of Trust Account
- I. Appeal
- § 689. Appeal from Proceedings on Settlement of Trust Accounts, Generally
- § 690. Operation and Effect of Pendency of Appeal on Decree Regarding Settlement of Trust Accounts
- § 691. Scope and Extent of Review on Appeal from Proceedings on Settlement of Trust Accounts
- § 692. Determination and Disposition of Appeal from Proceedings on Settlement of Trust Accounts
- § 693. –Remand
- J. Costs and Expenses
- 1. In General
- § 694. Allowance of Costs and Expenses in Connection with Trust Accounting Proceeding, Generally
- § 695. Allowance of Attorney’s Fees to Trustee in Connection with Trust Accounting Proceeding
- § 696. Allowance of Attorney’s Fees and like Expenses to Interested Parties in Connection with Trust Accounting Proceeding
- § 697. Allowance of Costs on Appeal in Trust Accounting Proceeding
- 2. Persons or Funds Liable
- § 698. Persons or Funds Liable for Costs and Expenses of Trustee’s Accounting, Generally
- § 699. Trustee as Liable for Costs and Expenses of Accounting
- § 700. Contestants as Liable for Costs and Expenses of Accounting
- 1. In General
- A. General Considerations
- VII. Establishment or Enforcement of Trust
- A. Rights of Cestui Que Trust as Against Trustee
- 1. In General
- § 701. Establishment or Enforcement of Trust in Equity
- § 702. Enforcing Execution or Performance of Duties of Trust
- § 703. Remedies for Wrongful Acts of Trustees
- § 704. Priorities of Trust Beneficiary and Trustee’s Creditors in Enforcement of Trust
- 2. Estoppel or Waiver
- § 705. Estoppel or Waiver of Enforcement of Trust by Beneficiary, Generally
- § 706. Particular Acts or Circumstances Supporting Estoppel or Waiver Against Trust Beneficiary
- § 707. Particular Acts or Circumstances Not Supporting Estoppel or Waiver Against Trust Beneficiary
- § 708. Estoppel or Waiver as to Settlor, Trustee, Vendee, or Creditor
- 3. Persons Entitled to Enforce Trust
- § 709. Persons Entitled to Enforce Trust, Generally
- § 710. Persons Entitled to Enforce Express Trusts
- § 711. Persons Entitled to Enforce Resulting Trusts
- § 712. Persons Entitled to Enforce Constructive Trusts
- 4. Persons Against Whom Trust May be Enforced
- § 713. Persons Against Whom Trust May be Enforced, Generally
- § 714. Enforcement of Trust Against Fiduciary
- § 715. Enforcement of Trust Against Participating Third Persons
- § 716. Enforcement of Trust Against Good-Faith Grantees or Purchasers
- 1. In General
- B. Right to Follow Trust Property or Proceeds Thereof
- 1. In General
- § 717. Nature of Right to Follow Trust Property, Generally
- § 718. Required Tracing or Identification of Trust Property for Right of Recovery
- § 719. –Degree of Proof; Considerations
- § 720. Effect of Insolvency of Trustee on Right of Recovery
- § 721. Following Trust Property and Recovering Against Third Persons
- § 722. –Action for Restitution
- 2. Following or Tracing into Products or Substitutes
- A. In General
- § 723. Attaching Trust to New Form of Property
- § 724. Substituted Form of Property Held by Trustee
- § 725. Tracing Trust Assets into Particular Forms, Funds, or Properties
- B. Commingled Trust Funds or Property
- (1) Nature of Commingled Funds or Property; Generally
- § 726. Commingled Trust Funds or Property Subject to Recovery
- § 727. Money or Other Trust Property of Fungible Nature
- § 728. Tracing Trust Funds into Hands of Bank
- § 729. Effect of Several Mingled Trust Funds on Right to Recovery
- (2) Effect of Withdrawals from or Investment of Mixed Funds
- § 730. Right to Recover Withdrawn Trust Funds; Lowest Intermediate Balance Rule
- § 731. Effect of Withdrawals on Several Mingled Trust Funds
- § 732. Investments or Purchases with Mingled Trust Funds
- (1) Nature of Commingled Funds or Property; Generally
- 3. Cestui Que Trust’s Right of Election and Waiver
- § 733. Election to Follow Res or Hold Trustee Liable
- § 734. Election Between Original Trust Property or Product or Substitute
- § 735. Election Between Lien on, and Ownership Interest in, New Trust Property
- 4. Bona Fide Purchasers for Value
- A. In General
- § 736. Effect of Bona Fide Purchaser on Following Trust Property
- § 737. Requisite Good Faith of Bona Fide Purchaser of Trust Property
- § 738. Effect of Mode or Manner of Transfer of Trust Property on Bona Fide Purchase
- § 739. Consideration Required for Bona Fide Purchase of Trust Property
- B. Nature and Effect of Notice
- § 740. Timing of Liability of Transferee with Notice of Trust
- § 741. Constructive Notice of Trust as to Bona Fide Purchaser
- § 742. –Possession of Cestui Que Trust
- § 743. –Matters Apparent on Face of Papers
- A. In General
- A. In General
- C. Actions
- 1. In General
- § 744. Nature of Action to Enforce Trust, Generally
- § 745. Trust Beneficiaries Bringing Suit in Equity
- § 746. –Actions for Resulting and Constructive Trusts
- § 747. Trust Beneficiaries Bringing Suit as Action at Law
- 2. Remedies Available for the Protection of Trust Assets
- § 748. Election of Remedies by Trust Beneficiaries
- § 749. Grounds for Action on Trust Requiring Affirmative Relief
- § 750. When Injunction Necessary to Protect Trust
- § 751. When Appointment of Receiver Necessary to Preserve Trust Property or Execute the Trust
- § 752. Both Injunction Issued Against Trustee and Receiver Appointed
- 3. Pretrial Procedure
- § 753. When Party Properly Before Court for Relief to be Ordered Against Trust
- § 754. Discovery in Action to Establish or Enforce Trust
- § 755. Defenses in Action to Establish or Enforce Trust
- 4. Conditions Precedent
- § 756. Essential Conditions Precedent to Establish or Enforce Trust, Generally
- § 757. When Accounting is Required as Condition Precedent to Establish or Enforce Trust
- § 758. Obtaining or Setting Aside Judgment, Order, or Decree in Other Proceedings to Establish or Enforce Trust
- § 759. When Demand Required as Condition Precedent to Enforce Trust Beneficiary’s Rights
- § 760. Restoration of Status Quo by Plaintiff for Imposition of Trust
- 5. Jurisdiction and Venue
- A. In General
- § 761. Jurisdiction over Establishment or Enforcement of Trust, Generally
- § 762. Extraterritorial Jurisdiction to Enforce Trust
- § 763. Jurisdiction of Probate, Surrogate, or Orphans Courts to Establish or Enforce Trusts
- § 764. –Limited Nature of Courts’ Jurisdiction
- § 765. Venue of Action to Establish or Enforce Trust
- B. Equity Jurisdiction
- § 766. Nature of and Types of Trusts Within Equity Jurisdiction
- § 767. Jurisdiction over Parties to Establish or Enforce Trust
- § 768. Extent of Jurisdiction to Establish or Enforce Trust
- § 769. –Territorial Extent
- A. In General
- 6. Time to Sue, Limitations, and Laches
- § 770. Statutes of Limitation Applicable to Establishment or Enforcement of Trusts, Generally
- § 771. Application of Laches to Establishment or Enforcement of Trusts, Generally
- § 772. Statutes of Limitation for Express Trusts
- § 773. When Laches Applicable to Express Trusts
- § 774. Statutes of Limitation and Laches for Implied Trusts
- § 775. Statutes of Limitation for Resulting Trusts
- § 776. When Laches Applicable to Resulting Trusts
- § 777. Statutes of Limitation for Constructive Trusts
- § 778. When Laches Applicable to Constructive Trusts
- 7. Parties
- § 779. Necessary Parties in Action to Establish or Enforce Trust
- § 780. –Trust Beneficiary
- § 781. –Trustees
- § 782. Proper Parties in Action to Establish or Enforce Trust; Intervention
- § 783. Complainants as Proper Parties in Action to Establish or Enforce Trust
- § 784. Defendants as Proper Parties in Action to Establish or Enforce Trust; Joinder
- 8. Pleadings
- A. In General
- § 785. Allegations in Bill, Complaint, or Petition to Establish or Enforce Trust, Generally
- § 786. Amended and Supplemental Pleadings in Action to Establish or Enforce Trust
- B. Particular Allegations
- § 787. Particular Allegations as to Creation and Existence of Trust
- § 788. Particular Allegations as to Resulting Trust
- § 789. Particular Allegations as to Constructive Trust
- § 790. –Allegations of Fraud
- § 791. Particular Allegations as Against Third-Party Purchaser from Trustee
- § 792. Particular Allegations as to Violation of Trust
- § 793. Particular Allegations as to Conditions Precedent to Establish or Enforce Trust
- C. Answer; Cross-Bill; Demurrer
- § 794. Answer in Action to Establish or Enforce Trust
- § 795. Cross-Bill or Cross-Complaint in Action to Establish or Enforce Trust
- § 796. Demurrer or Motion to Dismiss Action to Establish or Enforce Trust
- D. Issues, Proof and Variance
- § 797. Consideration of Issues Addressed by Pleadings in Action to Establish or Enforce Trust
- § 798. Proof Supporting Pleadings in Action to Establish or Enforce Trust; Variance Between Pleadings and Proof
- A. In General
- 9. Presumptions and Burden of Proof
- § 799. Burden of Proof to Establish or Enforce Trust
- § 800. Presumptions in Suit to Establish or Enforce Trust
- § 801. –Undue Influence
- § 802. Identification of Trust Property or Fund
- § 803. –in Hands of Trustee’s Receiver or Representative
- § 804. Right of Third Person to Trust Property or Fund
- § 805. Burden of Proof in Action for Accounting of Trust Funds
- 10. Evidence
- § 806. Admissibility of Evidence in Action to Establish or Enforce Trust
- § 807. Weight and Sufficiency of Evidence in Action to Establish or Enforce Trust
- § 808. –Third-Party Transferee’s Notice of Trust
- § 809. –Identification of Fund or Property
- 11. Trial or Hearing
- § 810. Right to Jury Trial to Establish or Enforce Trust; Questions of Law or Fact; Order of Reference
- § 811. Dismissal, Nonsuit, or Directed Verdict in Action to Establish or Enforce Trust
- § 812. Jury Instructions in Action to Establish or Enforce Trust
- § 813. Findings and Verdict in Action to Establish or Enforce Trust
- 12. Scope and Extent of Relief
- § 814. Appropriate Equitable Relief for Breach of Trust, Generally
- § 815. Conveyance or Transfer to Trust Beneficiary
- § 816. Sale of Trust Property
- § 817. Recovery of Rents and Profits from Property in Trustee’s Possession
- § 818. Damages in Action to Establish or Enforce Trust
- § 819. Allowance of Expenses and Advances to Trustee
- § 820. –Compensation for Services
- § 821. Relief Against Purchasers from Trustee
- 13. Judgment or Decree; Enforcement; Appeal
- A. In General
- § 822. Requisites of Judgment or Decree to Establish or Enforce Trust
- § 823. Decree Requiring Conveyance of Trust Property
- § 824. Personal Judgment Ordered by Court Against Trustee
- § 825. Dismissal of Action to Establish or Enforce Trust
- B. Construction and Enforcement; Appeal
- § 826. Construction of Decree to Establish or Enforce Trust
- § 827. Enforcement of Decree to Establish or Enforce Trust
- § 828. Appeal of Decree to Establish or Enforce Trust
- 14. Costs
- § 829. When Costs Awarded in Suit to Establish or Enforce Trust, Generally
- § 830. Attorney’s Fees in Suit to Establish or Enforce Trust
- § 831. Liability of Trust Estate for Costs and Attorney’s Fees
- § 832. Costs of Appeal of Action to Establish or Enforce Trust
- A. In General
- 1. In General
- 1. In General
- A. Rights of Cestui Que Trust as Against Trustee
- VIII. Liabilities on Trustees’ Bonds
- A. Nature and Extent of Liability
- § 833. Liability of Surety upon Trustee’s Bond, Generally
- § 834. Extent of Liability upon Trustee’s Bond; Recovery of Interest
- § 835. Conclusiveness of Adjudication Against Principal Establishing Trustee’s Liability
- B. Property and Acts Covered
- § 836. Acts of Trustee Covered by Bond
- § 837. Breach of Bond by Trustee
- § 838. Property Covered by Bond
- § 839. –Property Received or Converted Prior to Execution of Bond
- § 840. –Property Held in Another Capacity
- C. Discharge of Sureties
- § 841. Events Which Discharge Surety on Trustee’s Bond
- § 842. Discharge of Trustee’s Bond by Order of Court
- § 843. Reduction of Trustee’s Bond
- D. Actions
- § 844. When Action on Trustee’s Bond May Proceed
- § 845. Defenses Available to Surety on Trustee’s Bond
- § 846. Limitations and Laches Affecting Action on Trustee’s Bond
- § 847. Parties Who May Sue on Trustee’s Bond
- § 848. Allegations Sufficient for Pleading in Suit on Trustee’s Bond
- § 849. Admissibility and Weight of Evidence in Action on Trustee’s Bond
- § 850. Burden of Proof in Action on Trustee’s Bond
- § 851. Judgment in Action on Trustee’s Bond
- A. Nature and Extent of Liability