Page:United States Statutes at Large Volume 76A.djvu/760

–664– -664persons of whose affairs he thus acquires information which was given to that person in the like confidence, or over whose affairs he, by such confidence, obtains any control. § 3506. Purposes for which trust may be created A trust may be created for any purpose for which a contract may lawfully be made, except as otherwise prescribed by chapter 25 of Title 4, relating to the transfer of property. § 3507. Creation of voluntary trust as to trustor and beneficiary A voluntary trust is created, as to the trustor and beneficiary, by any words or acts of the trustor, indicating with reasonable certainty: (1) an intention on the part of the trustor to create a trust; and (2) the subject, purpose, and beneficiary of the trust. § 3508. Creation of voluntary trust as to trustee A 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 acknowledgment, made upon sufficient consideration, of its existence; and (2) the subject, purpose, and beneficiary of the trust. § 3509. Involuntary trustee defined One who wrongfully detains a thing is an involuntary trustee thereof for the benefit of the owner. § 3510. Involuntary trust resulting from fraud, accident, mistake, etc. One who gains a thing by fraud, accident, mistake, undue influence, the violation of a trust, or other wrongful act, is, unless he has some other and better right thereto, an involuntary trustee of the thing gained, for the benefit of the person who would otherwise have had it. Subchapter II—Obligations of Trustees § 3531. Good faith I n all matters connected with his trust, a trustee shall act in the highest good faith toward his beneficiary, and may not obtain any advantage therein over the latter by the slightest misrepresentation, concealment, threat, or adverse pressure of any kind. § 3532. Use of trust property for own profit A trustee may not use or deal, in any manner, with the trust property for his own profit, or for any other purpose unconnected with the trust. § 3533. Prohibited transactions; exceptions A trustee or his agent may not take part in a transaction concerning the trust in which ne or anyone for whom he acts as agent has an interest, present or contingent, adverse to that of his beneficiary, except: (1) when the beneficiary, having capacity to contract, with a full knowledge of the motives of the trustee, and of all other facts concerning the transaction which might affect his own decision, and without the use of any influence on the part of the trustee, permits him to do so; (2) when the beneficiary not having capacity to contract, the proper court, upon the like information of the facts, grants the like permission; or

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