Page:United States Statutes at Large Volume 47 Part 1.djvu/1283

 72d C ONGRESS. SESS. II. CH. 128. F EBR UARY 27, 1933. SEC. 99 2. VOLUNTARY TRUST, now CREATED AS To Tauaioit .-A vol- untary trust is created, as to the trustor and beneficiary, by any words or acts of the trustor, i ndicating with re asonable certain ty 1. An inte nti on on the pa rt of the t rust or to create tr usty and 2. The sub jec t, p urpo se, and bene fici ary of the trust. Cnoss REFSB1SNCas Creation of involuntary trust, see sections 994 and 995. Trusts for benefit of third persons, see section 1011. P P• 1261. S EC. 993. Iiow CREA TED AS TO TaUSTEE.-. . voluntary trust is created, as to the trustee, by any words or acts of his indicating, with reasonable certainty 1 . His acceptance of the trust , or his acknowl edgment, made up on sufficient cons ideration, of its existence ; and 2. The subject, purpose, and beneficiary of the trust. trio- SEC. 994. INVOLUNTARY TRUSTEE, wno is .-One who wrongfully voinntary ,. detains a thin g is an involun tary trustee the reof, for the be nefit of the owner Chose REF aaalvoas Compens ation of involuntary trustee, see sections 1025 and 1076. Involuntary trustee, who is, see sections 988 and 2008. S EC. 995 . INVOLUNTARY TRUST 1lESULTINO FROM FRAUD, MISTAKE, s 1 g1 nn~t~ nrc .-One who gains a thing by fraud, accident, mistake, undue mistake, eto " influence, the violation of a tru st or other wrongul act, is, unless he has some ot her and better right thereto, an involuntary tr ustee of the thing gain ed, for the benef it of the person who would otherw ise ha ve had it. Csoss Raraaalvcas Compens ation of involuntary trustee, see sections 1025 and 1026. Pmt, P• 1263. Involuntary trustee, who is, see sections 988, 994, and 1008. AT+u. P . 1268; part. p. 1281 . OB LIG ATIO NS OF TRU STEE S Obligations of arts . tees. SEC . 996. T RUST EE'S OBLIG ATIO N TO GOOD FAITH.In all mat ters Good faith. connected with his trust a trustee is bound to act in the highest good fait h toward his be nef icia ry, and may not obt ain any adv anta ge th er ein over the latter by the slightest misrepresentation, conceal- ment, th rea t, or ad vers e pr essu re of any kind . loot to tae property SEC . 997. TRUSTEE NOT TO USE PROPERTY FOR HIS OWN PROFrr.-A for own profitt trustee may not use or deal with the trust property for his own pr ofi t, o r for any other p urpose unconnec ted with the tru st, in any manner. Csoss REFERENCES Presumption of undue influe nce on transaction s between the tru stee and beneficiary, see section 1003. Purchaser from trustee charged with the trust when, see section 1008. Violations of duties by trus tee are frau dule nt, see sect ion 1002. 1259 Vo:untary trust, how created as to trusto r. Port, pp. 1263, 1260. Ante. p• 1258; post, P• t28L P031, p. 1260. Post, p.1201. Post, p. 1260. SEC. 998. CERTAIN TRANSACTIONS FORBIDDEN.-Neither a trustee nor deT n ransaotions forbid any of his agen ts may t ake par t in any tra nsa ctio n co ncer nin g the trust in which he or any one for whom he acts as agent has an interest, present or contingent, adverse to th at of his beneficiary, exce pt as follows : 1. When the beneficiary, having capacity to contract, with a full knowledge of the mot iv es of the trustee, and of all other facts con- cerning the transaction which might affect his own decision, and