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attending to the registration and transfer of their stock and bonds, sen ng as trustee for their hond or mortgage creditors, and transacting a. general banking and loan business. h_ee \'enner v. Farmers‘ L. 8: '1‘. Co. .\. —.

271. cc. N. Y; Jen v Nefi. 163 . .. '7 _ 5 . 4 9: Mercan ile Nat ank v. New York 1.1 U. S. 133. 7 Sup. Ct. 8-1}. iii)

L Ed. 89.i.—Tr'ust-deed (1) A species of mortgage given to a trustee for the purpose of SE(‘|.ll'iIlfL' a numerous ciiiss of creditors, as the bondholders of a railroad corporation, with pow- er to foreclose and sell on failure of the pay- ment of thr bonds. notes, or other claims. (L? In some of the states, and in the District o Columbia. 11 trust~deed is a security resembling a mortgage. hi-ing a conveyance of lands to trustees to secure the payment of a debt. with a power of sale upon default, and upon a trust to apply the net proceeds to paying the debt and to turn over the surplus to the grantur.—Tx-ust estate. This term may mean erthcr the estate of the ti-ustee,4thut is, the legal titic,——or the estate of the beneficiary, or the corpus of the property whiih is the subject of the trust. See Cooper v. Cooper. 5 N. . Eu. 9: Farmers’ L. & '1'. 00. v. Carroll, 5 Barb. (N. Y.) 643r—'I‘1-not ex maleficio. A species of construct_l\'e trust flliSiEl" out of some tlaud. misconduct, or breach of truth on the part of the person to be charged as trustee, which rendcrs it an equitable necessity tiint a trust should Rogers 7. Richards, 67 Kan. -) l\(‘nt v. Dean. 1153 Ala. H00. 30 South. 543 Barry 17. Hill, llili Pu 344. 31 Atl. 1'.’li.—Trust fund. A fund held by a trustee for the specific purposes of the trust: in :1 more general sense, a fund which. legally or eqnitiil-iv. is subject to be devoted to a particular purpose and cannot or should not be diveiierl therefrom In this sense it is often said that the capital and other property of a corporation is a "trust fund" for the payment of its debts. See ilendcrson v. Indiana Trust Co.. 143 Ind. 561. 40 N. E. 5; In re BL-ard's Estate. 7 Wvo. 104. 50 Pac. 3. L. it. A. -‘Kill. 75 Am. St. Rep. 882.--'1‘:-ust in invituzn. A constrncthe trust imposed by equity, contrary to the trustee's intention and will. upon property in his hands. Sanford v. Hamper. l15 Ala. 406. 22 South. 1]7.—Vo1unta.1-y trust. An obligation arising out of a personal con- fidence reposed in, and voluntarily - epted by. one for the licnefit of another, as distinguished from an "involuntnry" trust, which is created by operation of law. Civ. Code Cal. §§ 2216, 2217. According to another use of the term. "roluntar-y" trusts are such as are made in favor of a volunteer that is, a person who gives nothing in cxrhnnge for the trust, but receives it as a pure gift: on in this use the term is distinmiished from "trusts for value." the latter l)(‘ll.l;! such as are in favor of pur- chasers. mortgagecs. etc.

2. In constitutional and statutory law. An association or organization of persons or corporations having the intention and power, or the tendency, to create amo- nnpoiy, control production, interfere with the free course of trade or t1'fll'lSpOFtI1lll)D, or to fl.\' and regulate the supply and the price of conininditles. In the history of economic development, the "trust" was originally a. device by which sei erai corporations engag- ed in the same general line of business might combine for their mutual advantage, in the direction of eliminating destructive competition. controlling the output of their commodity, and regulating and maintaining its price, but at the same time preserving their separate individual existence, and with-

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TRUSTEE

out any consolidation or merger. This de vice was the erection of a. central committee or board, composed, perhaps, of the pres?- dents or generai managers of the different corporations, and the transfer to them of :1 majority of the stock in each of the corpo- rations. to be held "in trust" for the sev erai stockholders so assigning their holdings. These stockholders received in return "trust certificates" showing that they were entitled to receive the dividends on their assigned stock. though the voting power of it had passed to the trustees. This last feature enabled the trustees or committee to elect all the directors of all the corporations, and through them the officers, and thereby to ex- ercise an absolutely controlling influence over the policy and operations of each cou- stltuent company, to the ends and with the purposes above mentioned. Though the ‘‘trust.'' in this sense. is now seldom if ever resorted to as a, form of corporate organization. having given place to the "holding corporation" and other devices, the word has become current in statute laws as well as popular speech. to designate almost any form of combination of a monopolistic character or tendency See Black. Consi. I aw (Ed Ed) p. 428: Northern Securities Co. v. U S. 193 U. S. 197. 24 Sup. Ct. 436. 48 L. Ed. 67 ', l\Ii1cGinnlss v. Mining Co.. 20 Mont. 428, .3 Pac. 89: State v. Continental Tobacco Co. 177 Mo. 1, 75 S. W. 737: Queen Ins Co. v. State. 86 Tex. 250. 24 S. W. 397. 22 L. R. A. 483; State v. Insurance 00., 152 Mo. 1. 52 S. W. 595, 45 L R. A 363: Gen. St. Kan 1901. § 7364: Code Miss. 1892, § 4437; Col)- hey’s Ann. St. I\'eh. 1903, § 11500; Bates‘ Ann. St. Ohio. 1904. § 4427: Code Tex. 1895, art. 976.

The person appointed, or required by law. to execute a trust; one in whom an estate. interest, or power is vested. under an express or implied agreement to administer or exercise it for the heneflt or to the use of another.

"Trustee" is also used in a wide and per- haps inaccurate sense, to denote that a. per son has the duty of carrying out a transaction_ in which he and anolher person are in terested. in such manner as will he most for the benefit of the latter, and not in such :1 way that he himself might he tempted, for the sake of his personal advantage, to neglect the interests of the other. In this sense, directors of companies are said to be "truetees for the siiarehoiders." Sweet. —-Conventional trustee. A "conventionnl' trustee is one appointed by a decree of court to execute a trust, as distin.-:u.isii_ed from one appointed by the instrument creating the trust Glihert v. Ixolb. 85 Md. (32 37 Ati. 4.‘3.—Joint trustees. Two or more persons who are intrusted with property for the benefit of one or more others.—Quu:i trustee. A person who reaps a benefit from a breach of trust and so heeomes unswerable as a trustee. v-win. Trusts (4th Ed.) 592, 638.—Testa.n1entnx'y trustee. A trustee appointed by or acting on