Page:United States Statutes at Large Volume 76A.djvu/763

–667– -667SUBCHAPTER V — TERMINATION OF THE T R U S T

Sec. 3721. 3722. 3723. 3724. 3725.

Extinguishment. Revocation. Vacation of office. Discharge of t r u s t e e. Removal by district court. SUBCHAPTER VI — S U C C E S S I O N OK APPOINTMENT OF N E W T R U S T E E S

3751. Appointment by c o u r t; nominee of beneficiary, 3752. Survivorship l)etween cotrustees. 3753. When court shall appoint trustee.

Subchapter I—Nature and Creation of the Trust § 3611. Trusts within scope of chapter The provisions of this chapter apply only to express trusts, created for the benefit of another than the trustor, and in which the title to the trust property is vested in the trustee; not including, however, those of executors, administrators, and guardians, as such. § 3612. Creation by mutual consent The mutual consent of a trustor and trustee creates a trust of which the beneficiary may take advantage at any time prior to its rescission. § 3613. Trustor when trustee appointed by court or officer When a trustee is appointed by a court or public officer, as such, the court or officer is the trustor, within the meaning of section 3612 of this title. § 3614. Declaration of trust The nature, extent, and object of a trust are expressed in the declaration of trust. § 3615. Oral declarations; merger of previous declarations with written declaration All declarations of a trustor to his trustees, in relation to the trust, before its acceptance by the trustees, or any of them, are to be deemed part of the declaration of the trust, except that when a declaration of trust is made in writing, all previous declarations by the same trustor are merged therein. Subchapter II—Obligations of Trustees § 3651. Obedience to declaration of trust A trustee shall fulfill the purpose of the trust, as declared at its creation, and shall follow all the airections of the trustor given at that time, except as modified by the consent of all parties interested, in the same manner, and to the same extent, as an employee. § 3652. Degree of care and diligence A trustee, whether or not he receives any compensation, shall use at least ordinary care and diligence in the execution of his trust. § 3653. Care and diligence as to appointment of successor If a trustee procures or assents to his discharge from his office, before his trust is fullv executed, he shall use at least ordinary care and diligence to secure the appointment of a trustworthy successor before accepting his own final discharge. § 3654. Investments by trustee A trustee shall invest money received by him under the trust, as fast as he collects a sufficient amount, in such manner as to afford reasonable security and interest for the money invested.

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