Page:United States Statutes at Large Volume 47 Part 1.djvu/1287

 72d C ONGRESS. SESS. II. CH. 128. FEBRUA RY 27, 1933 . C cross REF ERE NCE S Li ability for a cts o† co tru st see section 1007. Ante, p .1261. Survival of trust, see section 1033. Post, p. 1264. SEC. 1023. DISCRETIONARY PowERS .-A discretionary power con- e rs ucr etionar y po w- ferred upon a trustee is presumed not to be left to his arbitrary dis- cretion, but may be controlled by the proper court if not reasonably exercised, unless an absolute discretion is clearly conferred by the declaration of trust. BIGHTS OF nms'rxEB Rights of trustees. SEC. 1024. INDEMNIFICATION of TRUSIL:.A trustee is entitled to Inaemnitication. the repay ment, out of the trus t prop erty, of a ll exp enses actu ally and properly incurred by him in the performance of his trust. He is entitled to the repayment of even unlawful expenditures, if they were productive of actual benefit to the estate. m o s s REFERENCE Reimbursement on purchase ttf claims against estate, see section 1020. SBC. 1025. Co x1s rION of TRus N' -Except as provided in the Code of Civil Procedure, when a declaration of trust is silent upon the subject of compensation the trustee is entitled to the same com- pensation as an executor. If it specifies the amount of his com- pensation, he is entitled to the amount thus specified and no more. If it directs that he shall be allowed a compensation but does not specify the rate or a mount, he is entitled to such compensation as may be reasonable under the circumstances. If there are two or more trustees, the compensation shall be apportioned _ among the trustees according to the services rendered by them respectively. CR OSS REFERENCE In volun tary trust ee en title d to no co mpens ation when, see section 1026 . SEC. 1026. INv OLu NT ARY TRUSIEit .-An involuntary trustee, who becomes such through his own fault, has none of the rights men- tioned in this subchapter. CROSS REFERENCE Involuntary trustee, defined, see sections 988, 994, and 995. TERMINATION OF THE TRUST Ante, p. 1262. Compensation Involuntary trustee. Ante, pp. 1258,1259. . Termination of tho trust. 1263 Src. 1027 . TRUST, crow ExTINOUISHED.-A trust is extinguished HO` s esti ngu„ t ihed. by the entire fulfillment of its object, or by such object becoming impos sible or un lawfu l. SEC. 1028. NOT REVOCABLE.--A tr ust can not be rev ok ed by the Not rec„cable. trustor after its acceptance, actual or presumed, by the trustee and beneficiaries, except by the consent of all the beneficiaries, unless the declaration of trust reserves a power of revocation to the trustor, and in that case the power must be strictly pursued . SEC. 1029 . TRUSTEE'S OFFICE, How VACATED .-The office of a trustee How trustee's etb,o vacated. is vacated 1.Byhisdeath;or 2 . By his discharge. SEC. 1030. TRUSTEE, How nlscxnsoED .-A trustee can be discharged flow discharged. from his trust only as follows 1 . By the extinction of the trust, 2 . By the completion of his duties under the trust;