Page:United States Statutes at Large Volume 76A.djvu/759

–663– -663-

PART 6—TRUSTS AND TRUSTEES CHAPTER

Sec.

161. TRUSTS GENERALLY 163. TRUSTS FOR BENEFIT OF THIRD PERSONS 165. ADMINISTRATION OF TESTAMENTARY TRUSTS

3501 3611 3781

CHAPTER 161—TRUSTS GENERALLY SUBCHAPTER I

NATURE AND CREATION OF A TRUST

Sec.

3501. 3502. 3503. 3504. 3505. 3506. 3507. 3508. 3509. .•J510.

Classification of trusts. Voluntary trust defined. Involuntary trust defined. Parties to the contract. Trustee defined. Purposes for which trust may be created. Creation of voluntary trust as to trustor and beneficiary. Creation of voluntary trust as to trustee. Involuntary trustee defined. Involuntary trust resulting from fraud, accident, mistake, etc. SUBCHAPTER II—OBLIGATIONS OF TRUSTEES

3531. Good faith. 3532. Use of trust property for own profit. 3533. Prohibited transactions; exceptions. 3534. Influence to obtain advantage. 3535. Undertaking trust adverse to interest of beneficiary. 3536. Disclosure of adverse interest; removal. 3537. Violations as fraud. 3538. Transactions creating presumption against trustee. 8539. Mingling trust property with that of trustee. 3540. Measure of liability for breach of truot. 3541. Liability of cotrustee for acts of others.

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SUBCHAPTER III—OBLIGATIONS OF THIRD PERSONS

3561. Third persons as Involuntary trustees. 3562. Obligation of third person to see to proper application of trust property. SUBCHAPTER IV—MISCELLANEOUS PROVISIONS

3581. Trust companies as trustees, assignees, etc. 3582. Oaths and affidavits of trust companies. 3583. Waiver of provisions; intention of parties.

Subchapter I—Nature and Creation of a Trust § 3501. Classification of trusts A trust is either: (1) voluntary; or (2) involuntary. § 3502. Voluntary trust defined A voluntary trust is an obligation arising out of a personal confidence reposed in, and voluntarily accepted by, one for the benefit of another. § 3503. Involuntary trust defined An involuntary trust is one which is created by operation of law. § 3504. Parties to the contract The person whose confidence creates a trust is called the trustor; the person in whom the confidence is reposed is called the trustee; and the person for whose benefit the trust is created is called the beneficiary. § 3505. Trustee defined One who voluntarily assumes a relation of personal confidence with another is a trustee, within the meaning of this chapter, not only as to the person who reposes the confidence, but also as to all

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