trust1 (trust)

and a. [Also, in a sense now differentiated, tryst, q. v.; Always han fulle trust and beleeve in God oure Sov ereyn Lord. Mandeville, Travels, p. 167. Gramercy! for on you is al my triste. Chaucer, Troilus, iii. 1305. I hope a true and plain relation of my misfortunes may be of use and warning to credulous maids, never to put too much trust in deceitful men. Swift, Story of the Injured Lady. There did not seem a sufficient number of men worthy of trust to a ist the king with their councils, or fill with any degree of dignity the places that were vacant. Bruce , Source of the Nile, II. 121. 2. Confident expectation; a ured anticipation; dependence upon something future or contingent as if present or actual; hope. To desperation turn my trust and hope! Shak., Hamlet, iii. 2. 228. His trust was with th' Eternal to be deem'd Equal in strength. Milton , P. L., ii. 46. IMG:content-0993.png:[blocks in formation] although the person so intrusted in some respects may be held to the same duty and accountability as a trustee, and is sometimes spoken of as such. The fictitious entities characterised by the two abstract terms trust and condition are not subalternate but dis parate. To speak with perfect precision, we should say that he who is invested with a trust is, on that account, condition of a trustee. spoken of as being invested with a condition: viz. the Bentham, Introd. to Morals and Legislation, xvi. 26, note. 6. That which is committed or intrusted to one, as for safe-keeping or use. (a) That which has been committed to one's care for profitable use or for safe-keeping, of which an account must be rendered. Although the advantages one man po e eth more than another may be called his property with respect to other men, yet with respect to God they are only a trust . Swift. The English doctrine that all power is a trust for the public good [was]... making rapid progre . Macaulay , Walpole's Letters. Public office is a public trust. Dorman B. Eaton , in Cyc. Polit. Science, I. 479 (1881). (b) Something confided to one's faith; a charge given or received in confidence; something which one is bound in duty and in honor to keep inviolate; a duty incumbent on one. To violate the sacred trust of silence Deposited within thee. Milton , S. A., 1. 428. Humility obliges no Man to desert his Trust , to throw up his Privilege, and prove false to his Character. Jeremy Collier , Short View (ed. 1698), p. 137. "If men accept trusts they must fulfill them, my dear," cries the master of the house. Thackeray , Philip, xv. 7. Specifically, in mod . com. usage , an organization for the control of several corporations under one direction by the device of a transfer by the stockholders in each corporation of at least a majority of the stock to a central committee or board of trustees, who i ue in return to such stockholders respectively certificates showing in effect that, although they have parted with their stock and the consequent voting power, they are still entitled to dividends or to share in the profits-the object being to enable the trustees to elect directors in all the corporations, to control and suspend at pleasure the work of any, and thus to economize expenses, regulate production, and defeat competition. In a looser sense the term is applied to any combination of establishments in the same line of busine for securing the same ends by holding the individual interests of each subservient to a common authority for the common interests of all. It is against public policy for a stockholder to divest himself of his voting power; hence such a transfer of stock if made is revocable at the pleasure of the maker. So far as the object of such a combination is shown to be the control of prices of and the prevention of competition in the nece aries or conveniences of life, it is held a criminal act upon the principles which rendered engro ing and forestalling punishable; and a corporation which by corporate act surrenders its powers to the control of a trust thereby affords ground for a forfeiture of its charter by the state. 8. The state of being confided in and relied on; the state of one to whom something is intrusted. I do profe to be no le than I seem; to serve him truly that will put me in trust. Shak ., Lear, i. 4. 15. It seemes when he was deputy in Ireland, not long before, he had ben much wronged by one he left in trust with his affaires. Evelyn, Diary, Oct. 27, 1675. 9. The state of being confided to another's care or guard; charge. His seal'd commi ion, left in trust with me, Doth speak sufficiently he's gone to travel. Shak., Pericles, i. 3. 13. IMG:content-0994.png:[ocr errors][merged small][merged small] The Century Dictionary and Cyclopedia: The Century dictionary IMG:content-0996.png:[blocks in formation] Active or special trust (in Scots law called acce ory trust), a trust in which the trustee is clothed with some actual power of disposition or management which cannot be properly exercised without his having the legal estate and right of actual po e ion: as distinguished from a simple trust, naked trust, or pa ive trust (in Scots law called proprietary trust ), where the trustee is intended to be merely a figurehead to hold the apparent title, leaving the use or control to the beneficiary. Naked or pa ive trusts in land are now generally superseded by the rule (introduced originally by the statute of uses (see use ), and extended in the United States by statutes of trusts) that, when a person attempts to create such a trust, no estate vests in the trustee, but the entire and absolute estate vests in the intended beneficiary. - Breach of trust. See breach. - Charitable Trusts Acts. See charitable. - Constructive trust, the legal relation similar to an expre trust which arises upon circumstances which ought in equity to be dealt with as if there were a trust, irrespective of whether one was intended or not: thus, where a guardian transfers property of the ward without receiving an equivalent, the person receiving it may be made accountable as holding in trust for the ward by construction of law, irrespective of whether he intended to receive it for the ward's benefit or not. - Declara tion of trust. See declaration. - Deed of trust. See deed.-Executed trust. (a) Technically, an expre trust the objects and administration of which are so fully designated as to require no further act on the part of the creator of the trust to define the duty of the trustee, as distinguished from an executory trust, or one in which the instrument of creation reserves the declaration of the uses or some part thereof for further instructions. (b) A trust is also said to be executed when the trustee has performed his entire duty. (c) When the instrument creating a trust in land has the effect by virtue of the statute of uses of vesting the entire estate in the intended beneficiary, the trust is said to be executed by the statute. -Expre trust, a trust which is created or declared in expre terms, and usually, but not always, in writing, as distinguished from an implied trust, or one the existence of which is inferred from the conduct of the parties or the circumstances of the case. The phrase implied trust is sometimes loosely, but not improperly, applied to those constructive trusts in which there may be circumstances indicating that perhaps the parties intended a trust rather than a fraud.-Implied trust. See expre trust. In trust, as a trust; as a charge; for safe-keeping, or for the use of another to whom account is due. -Loan and trust company. See bank2, 4.-Naked trust, a nominal or ostensible trust; a trust in which the trustee is not clothed with the right of po e ion or control. By the statute of uses, such trusts in land are executed, that is to say, the legal title is declared by law to be in the beneficiary, who has the right of po e ion and control, notwithstanding the contrary intent of the instrument creating the trust. - On trust, on credit; without present payment or security for payment: as, to buy on trust; to conduct one's busine on trust.-Pa ive trust. See active trust. - Private trusts. See private. Proprietary trust. See active trust.Public trust. See public. - Resulting trust, a trust which is conclusively implied by rules of law from given circumstances; more specifically, that species of constructive trust which arises in favor of one who pays the price for real property on its conveyance to another. When one person obtained title to land for a consideration paid by another, the courts of chancery thus held the former to be a trustee of the property for the latter. By statute in many of the United States this result is precluded, except where the person paying is ignorant that the title is so taken, or where the claim to reach the property is made by his creditors. - Special trust. See special.- Spendthrift trust, a trust authorizing the trustees to pay the income for life to one person, the principal being given over to another on his death: so called under systems of law, as in Pennsylvania, which protect such income against claims of creditors. - To run in trustt, to run in debt; get credit. Webster.Trust certificate, one of the certificates i ued by the committee of trustees formed for the control of several corporations, showing the interest on profits accepted by one who was a stockholder in one of such corporations, upon surrendering his stock. See def. 7.- Trust deed, a conveyance in trust. More specifically-(a) A deed by a debtor conveying property to a person as trustee for payment of his debts. (b) A deed conveying property to a creditor in trust to sell and pay himself and restore the residue: a kind of mortgage. - Trust estate, an estate under the management of a trustee or trustees; or an estate given to be held in trust. - Trust ex maleficio, any constructive trust arising by reason of wrong-doing or intentional fraud on the person charged as trustee, as where an attorney obtains title to his client's property in violation of duty. = Syn. 1 and 2. Faith, credence, a urance, dependence, expect a tion. money. II. a. Held in trust: as, trust property; trust trust1 (trust), v. [Also, in a sense now differentiated, tryst , q. v.; trusten , trosten , also tristen, trysten, tresten, traisten ( trastaMD. D. troosten =MLG. trösten = OHG. trösten, MHG. træsten, G. trösten, comfort, console, = Icel. treysta, refl., trust to, rely on, = Sw. trösta, comfort, = Dan. tröste, comfort, for tröste, confide; from the noun.] I. trans. 1. To place pla or repose confidence in (a person); rely upon; depend upon. Not with stond eng I wote wele what ye mene, But troste me wele it goo not as ye wene. Generydes (E. E. T. S.), 1. 1624. 6513 I have a mistre , and she has a heart, She says; but, trust me, it is stone, no better. Beau, and Fl ., Maid's Tragedy, i. 1. You would have trusted me Once, but the time is alter'd. Beau , and Fl ., Maid's Tragedy, iv. 2. To him thus Nestor: Trust the pow'rs above, Nor think proud Hector's hopes confirm'd by Jove. Pope , Iliad, x. 114. The lower races can seldom be trusted in their stories of long-past ages. E. B. Tylor , Prim. Culture, I. 35. 2. To believe; credit; receive with credence, as a statement, a ertion, or the like. Whos tristeth this Y holde him wode [mad]. Palladius , Husbondrie (E. E. T. S.), p. 31. If he be credulous and trust my tale, I'll make him glad to seem Vincentio. Shak ., T. of the S., iv. 2. 67. 3. To intrust: with with before the object confided. I will rather trust a Flemming with my butter. trusty 2. In the United States, a person in whose hands the effects of another are attached in a trustee proce (see the phrase below).- Trustee Churches Act. See church. - Trustee of bankrupt's estate. Same as a ignee in bankruptcy (which see, under a ignee).- Trustee proce , a species of attachment of rights of action of a debtor or property belonging to him in the hands of a third person, by making the debtor to him or the third person, as the case may be, a party to the proceedings, so as to charge him with the money or the property as a trust for the attaching creditor of the debtor (equivalent to the proce known in English law as foreign attachment). It is called trustee proce in some jurisdictions, as distinguishing it from attachments which go to the length of taking the said property or fund into the actual custody of the law by seizure.