Definition of TRUST


contracts, devises. An equitable right, title or interest
in property, real or personal, distinct from its legal ownership; or it is a
personal obligation for paying, delivering or performing anything, where the
person trusting has no real. right or security, for by, that act he confides
altogether to the faithfulness of those intrusted. This is its most general
meaning, and includes deposits, bailments, and the like. In its more technical
sense, it may be defined to be an obligation upon a person, arising out of a
confidence reposed in him, to apply property faithfully, and according to such
confidence. Willis on Trustees, 1; 4 Kent, Com. 295; 2 Fonb. Eq. 1; 1 Saund.
Uses and Tr. 6; Coop. Eq. Pl. Introd. 27; 3 Bl. Com. 431.

2. Trusts were probably derived from the civil law. The fidei commissum,
(q. v.) is not dissimilar to a trust.

3. Trusts are either express or implied. 1st. Express trusts are those
which are created in express terms in the deed, writing or will. The terms to
create an express trust will be sufficient, if it can be fairly collected upon
the face of the instrument that a trust was intended. Express trusts are
usually found in preliminary sealed agreements, such as marriage articles, or
articles for the purchase of land; in formal conveyances, such as marriage
settlements, terms for years, mortgages, assignments for the payment of debts,
raising portions or other purposes; and in wills and testaments, when the
bequests involve fiduciary interests for private benefit or public charity,,
they may be created even by parol. 6 Watts & Serg. 97.

4. - 2d. Implied trusts are those which without being expressed, are
deducible from the nature of the transaction, as matters of intent; or which
are superinduced upon the transaction by operation of law, as matters of
equity, independently of the particular intention of the parties.

5. The most common form of an implied trust is where property or money
is delivered by one person to another, to be by the latter delivered to a third
person. These implied trusts greatly extend over the business and pursuits of
men: a few examples will be given.

6. When land is purchased by one man in the name of another, and the
former pays the consideration money, the land will in general be held by the
grantee in Trust for the person who so paid the consideration money. Com. Dig.
Chancery, 3 W 3; 2 Fonbl. Eq. book 2, c. 5, §1, note a. Story, Eq. Jur.

7. When real property is purchased out of partnership funds, and the
title is taken in the name of one of the partners, he will hold it in trust for
all the partners. 7 Ves. jr. 453; Montague on Partn. 97, n.; Colly. Partn.

8. When a contract is made for the sale of land, in equity the vendor is
immediately deemed a trustee for the vendee of the estate; and the vendee, a
trustee for the vendor of the purchase money; and by this means there is an
equitable conversion of the property. 1 Fonbl. Eq. book 1, ch. 6, §9, note
t; Story, Eq. Jur. SSSS 789, 790, 1212. See Conversion. For the origin of
trusts in the civil law, see 5 Toull. Dr. Civ. Fr. liv. 3, t. 2, c. 1, n. 18; 1
Brown~s Civ. Law, 190. Vide Resulting Trusts. See, generally, Bouv. Inst.
Index, h. t.

Source: Bouviers Law Dictionary 1856 Edition