Page:United States Statutes at Large Volume 76A.djvu/762

–666– -666§ 3562. Obligation of third person to see to proper application of trust property A person who actually and in good faith transfers any money or other property to a trustee, as such, is not bound to see to the application thereof, and his rights are not prejudiced by a misapplication thereof by the trustee. Other persons shall at their peril, see to the proper application of money or other property paid or delivered y them.

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Subchapter IV—Miscellaneous Provisions § 3581. T r u s t companies as trustees, assignees, etc. A corporation or association authorized to conduct the business of a trust company in the Canal Zone may be appointed to act as a trustee, assignee, receiver, or depositary, in liKe manner as an individual. § 3582. Oaths and affidavits of trust companies If it is required that a trustee, assignee, receiver, or depositary shall (qualify by taking and subscribing an oath, or an affidavit is required, it is a sufficient qualification by a corporation or association receiving an appointment, as such, if the oath is taken and subscribed, or the affidavit is made, by the president, vice president, secretary, manager, trust officer, or assistant trust officer thereof. § 3583. Waiver of provisions; intention of parties Except where it is otherwise declared, the provisions of this chapter and chapter 163 of this title, with respect to the rights and obligations of parties to contracts, are subordinate to the intention of the parties, when ascertained in the manner prescribed by chapter 35 of Title 4, relating to the interpretation of contracts; and the benefit thereoi may be waived by a party entitled thereto, unless the waiver would be against public policy.

CHAPTER 163—TRUSTS FOR BENEFIT OF THIRD PERSONS SUBCHAPTER I—NATURE AND C B E A T I O N OF THE TRUST

See. 8611. Trusts within scope of chapter. 8612. Creation by mutual consent 8613. Trustor when trustee appointed by court or officer. 3614. Declaration of trust. ,'{615. Oral declarations; merger of previous declarations with written declaration. SUBCHAPTER II—OBLIGATIONS OF TRUSTEES

3651. Obedience to declaration of trust. 3652. Degree of care and diligence. 3653. Care and diligence as to appointment of successor. 3654. Investments by trustee. 3655. Payment of interest on failure to invest. 3656. Purchase by trustee of claims against trust fund. SUBCHAPTER III—POWERS OF TRUSTEES

3681. Authority as general agent 3682. Uniting by cotrustees in acts to bind trust property. 3683. Discretionary power. SUBCHAPTER IV—RIGHTS OF TRUSTEES

8701. Indemnification. 8702. Compensation. 870S. Involuntary trustee.

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