Definition of EXECUTORY TRUST


EXECUTORY TRUST

A trust is said to be executory where some further act
is requisite to be done by the author of the trust himself or by the
trustees, to give it its full, effect, as, in the case of marriage
articles, or, as in the case of a will, where, property is vested in
trustees in trust to settle or convey., for, it is apparent in both of
these cases, a further act, namely, a settlement or a conveyance, is
contemplated.

2. The difference between an executed and an executory trust, is this,
that courts of equity in cases of executed trusts will construe the
limitations in the same manner as similar legal limit-ations. Whites L. C.
in Eq. 18. But, in cases of executory trusts, a court of equity is not, as
in the case of executed trusts, bound to construe technical expressions
with legal strictness, but will mould the trusts according to the intent of
the creator of such trusts Whites L. C. Eq. 18.

3. When a voluntary trust is executory, and not executed, if it could not
be enforced at law, because it is a defective conveyance, it is not helped
in equity, in favor of a volunteer. 4 John. Ch. 498, 500, 4 Paige, 305, 1
Dev. Eq. R. 93.

4. But where the trust, though voluntary, has been executed in part, it
will be sustained or enforced, in equity. 1 John. Ch. R. 329, 7 Penn. St.
R. 175, 178, Whites L. C. in Eq. *176, 18 Ves. 140, 1 Keens R. 551, 6
Ves. 656, 3 Beav. 238.


Source: Bouviers Law Dictionary 1856 Edition

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