General Principles. with the amounts claimed by each, and the amounts finally NAMES. TITLE OF OFFICER, OR NATURE AMOUNT AMOUNT We hereby certify that the foregoing abstract is correct. [Date.] [Signatures.] CHAPTER XCII. TRUSTS. A TRUST is a confidence reposed in one person, who is termed the trustee, for the benefit of another, who is called the cestui que trust; and it is a confidence respecting property, which is thus held by the former for the benefit of the latter. Out of this confidence arise two estates in the property which is the subject of it; a legal estate in the trustee, which consists essentially in obligation; and an equitable estate in the cestui que trust, which consists in right and beneficial enjoyment.(a) By the provisions of the Revised Statutes of the State of New York, which have been in substance adopted in some other States, all trusts in real property, except trusts resulting from implication of law, and except also certain enumerated express trusts, are abolished; and every person entitled to the possession of land, and to the receipt of its rents and profits, is declared to have a legal estate therein commensurate with his beneficial interest. Express trusts are therein defined, and the purposes for which they may be created, enumerated; and minute provisions are inserted to guard them and prevent their being abused to the injury of creditors and bona-fide purchasers. Trusts which are not authorized as trusts by these provisions, operate, if at all, as powers in trust. The objects for which express trusts in lands may be created are thus defined by the statute. 1. To sell lands for the benefit of creditors. 2. To sell, mortgage or lease lands for the benefit of legatees, or for the purpose of satisfying any charge thereon. 3. To receive the rents and profits of lands, and apply them to the use of any person, during the life of such person, or for any shorter term, subject to the rules of the statute as to the creation of estates. 4. To receive the rents and profits of lands, and to accumulate the same, for purposes and within the limits prescribed by the statute for the suspension of the absolute power of alienation. A trust to receive the rents, profits and income of property, and to pay them to the cestui que trust, is valid as a trust to apply them to his use, within the statute. Express trusts of personal estate may be created for any purpose which is not illegal, for the Revised Statutes have not defined the purposes for which they may be created. By the Statute of Frauds, as generally enacted in this country, assignments of property in trust must be in writing, subscribed by the party or his agent. In other cases than assignments or conveyances in trust, it is not essential to the creation of a trust, even in lands, that a deed or written instrument be executed. A person in the legal possession of money or property, acknowledging a trust, becomes from that time a trustee, if the acknowledgment is founded on (a) Burrill's Law Dict., tit. TRUST. Declaration of Trust. a valuable or meritorious consideration. But to render the obligation of a trust in real property enforceable, it must be manifested or declared by some writing signed by the trustee. And although it is not essential that the writing by which the trust is manifested and proven should be in any particular form, the nature of the trust, and the terms and conditions of it, must sufficiently appear, so that the court may not be called upon to execute the trust in a manner different from that intended. Trusts are usually created by ASSIGNMENTS FOR CREDITORS, DEEDS OF WILLS, and for the forms appropriate to this purpose, the reader is referred to those chapters. 1292. Declaration of trust in personal property 1293. Declaration of trust in lands......... .... 670 670 1292. Declaration of Trust in Personal Property. in consideration of I, A. B., of hereby acknowledge and declare, that I am possessed of [ten shares of the capital stock of the C. D. Company, numbered from one to ten inclusive], in trust, and for the only benefit and advantage of Y. Z., of his executors, administrators and assigns, the same having been purchased with the moneys of the said Y. Z., and my name, as to the said shares, and all the income thereof, from henceforth to grow due or accrue, is used only in trust for the said Y. Z. And I, for myself, my executors and administrators, hereby covenant with the said Y. Z., his executors, administrators and assigns, that I and they shall and will, at any time hereafter, at the request and costs of the said Y. Z., his executors, administrators and assigns, assign and transfer the said shares to him, or them, or order. [Date.] 1293. Declaration of Trust in Lands. To all to whom these presents shall come, I, A. B., of ing: [Signature.] WHEREAS, C. D., of, has, by his deed bearing even date herewith, for the consideration of dollars, granted and conveyed to me in feesimple, all [etc., here insert description], as by said deed will more fully appear: And whereas I have this day executed and delivered to said C. D. a mortgage upon said premises, as collateral security for the payment of my bond, conditioned for the payment of dollars [here state terms], to secure a part of the consideration money expressed in the said deed. Now, KNOW YE, that I, the said A. B., do, by these presents, make known, admit and declare, that said premises were so conveyed to me, and that I now hold, and will continue to hold, the same, in trust only, for the use and benefit of Y. Z., son and heir-at-law of , deceased, his heirs, executors and administrators, and that I have no beneficial interest therein, except what may arise by legal or equitable implication from the circumstance of my having executed the said bond and mortgage. And I do further admit, that the residue of the consideration money expressed in said deed to me-to wit, the sum of benefit of said Y. Z. And dollars-was paid by W. X., , for the I do, for myself, my heirs, executors and Articles of Association. administrators, covenant and agree to and with said W. X. and Y. Z., and each of them, and with their and each of their executors, and administrators and as-igns, that I, or my heirs, shall and will convey the said premises, by a good and sufficient deed, to the said Y. Z., or his assigns, as he or they may direct or require, whenever and as soon as the said mortgage, so executed by me, shall have been paid off and discharged, or otherwise fully` secured to me, and that free, clear and discharged of and from all and every encumbrance thereon by me or my heirs. AND that I, or my heirs, shall not do, or knowingly suffer or permit, any act, deed, matter or thing, whereby said premises can, shall or may be in any wise impaired, injured or encumbered, in title, interest, charge, estate or otherwise, however. IN WITNESS [etc., as in Form 1228]. CHAPTER XCIII. TURNPIKE COMPANIES. COMPANIES for the construction of turnpikes and plankroads may be formed under the general laws of the State of New York, by any number of persons not less than five. The statutes prescribe in detail the modes of proceeding to form such corporations, and to lay out the road. 1800. Release of right of way, by supervisor and highway commissioners....... 673 1. The undersigned hereby form themselves into a corporation for the purpose of constructing, owning and keeping in repair a plankroad from , to be called and known as the years from the date hereof. to continue for the period of 2. The amount of capital stock of said company shall be and shall consist of shares, of dollars each. Company, and to dollars, 3. The affairs of the company shall be managed by a board of directors; the first directors, until others are legally chosen, shall be [here insert names]. Superscription. 4. The said road is to be constructed from [here designate the route, termini, etc.] 5. The bona-fide stockholders owning a majority of the capital stock of said association may, at any legally notified meeting of the members thereof, adopt, alter or amend such by-laws as are proper for the regulation of the affairs of the corporation. 6. The directors shall issue scrip to those entitled to stock in said company when per cent. on the amount of such stock shall have been paid by them thereon; the scrip to be signed by the president, and countersigned by the secretary; and the treasurer shall indorse upon the scrip held by any stockholder all sums paid by him thereon, and the time when paid. [Date.] NAMES OF SUBSCRIBERS. PLACE OF RESIDENCE. NUMBER OF SHARES. 1295. Notice that the Books are Open for Subscription. NOTICE is hereby given, that books for subscribing to the capital stock of the [name of road] to be constructed from [here specify the termini and route], will be opened at day of in the town of between the hours of COUNTY OF 1296. Affidavit of Directors as to Subscription. 88. A. B., C. D. and E. F. being severally sworn, say, that they are the directors of the Company, and that the amount of capital stock required by the first section of the "Plankroad Act," passed May 7, 1847, being at least $500 for every mile of the road intended to be built by said company, has been subscribed in good faith, and that at least 5 per cent. on such amount has been paid in cash to the directors of said company for the purposes specified in said act. SWORN [etc., as in Form 1115]. [Signatures.] 1297. Application to Supervisors to Lay Out Road. To the supervisors of the county of : The directors of the Company hereby apply to you for authority to lay out and construct a plankroad from [specifying route, width and termini], and to take the real estate necessary for such purpose; and that commissioners may be appointed to lay out said road. [Signature of] President. [Date.] [Signature of] Secretary. Right of Way for Turnpike. 1298. Notice of Application to Supervisors. Notice is hereby given, that application will be made to the Board of Supervisors of the county of in the county of at their [annual] meeting to be held at day of assent to the construction of a plank [or, turnpike] road, from the of [Signature.] to 1299. Consent of Land Owners, to Use of Highway. THE UNDERSIGNED, owners of land along the highway leading from and residing on said highway, hereby consent to the construction of a turnpike [or, plank] road upon the said highway. [Date.] [Signatures.] 1300. Release of Right of Way, by Supervisor and Highway Commissioners. Com sioners of highways of said town, of the first part, and the pany of the second part, witnesseth: That the parties of the first part grant and convey unto the parties of the second part, in consideration of dollars to them in hand paid by the parties of the second part, the receipt whereof is hereby acknowledged, the right to use and occupy the highway [describing the route], for the purpose of constructing, owning and using a road thereon, during the time it shall be needed or required therefor by the said company. IN WITNESS WHEREOF, the parties of the first part have hereunto set their hands, this day of 18 . In presence of [Signature of witness.] [Signatures and titles.] CHAPTER XCIV. WARRANTS. A WARRANT is a written authority from a court or magistrate authorizing and directing the officer to whom it is addressed to do some act. At common law, a seal is deemed essential to a valid warrant; but the statutes often authorize warrants in particular cases without seal. A warrant should be addressed to some officer, but it may designate him by name, or may be directed to any of several officers of a class. Various forms of warrants adapted to particular proceedings will be found in their places in other chapters. |