Trust Estates as Business CompaniesThis treatise introduced the concept of "trust estates as business companies." It provides a trenchant practical description of the law of trusts and historical perspectives into the origin of the modern "Massachusetts Business Trust," arguably the only common-law method of business organization available with limited liability for the organizers. It also treats income taxation, in a way that is relevant today, "Common Law Companies," "Business Trusts," Voluntary Associations" and relevant Massachusetts and Oklahoma statutes. The second edition is a significant update to the original 1912 edition, which was considered a pioneering work in the field. xx, 782 pp. |
Contents
Effect on Trust Estate of Making Application for Direction 142 | 272 |
Constitutional ProtectionTrust Estates may Do Business | 276 |
61 | 278 |
Trustees Compensation 147 | 282 |
CHAPTER XVII | 289 |
Status of Certificate Holders 153 | 295 |
Relation Between Stockholders of a Corporation and Its Mana | 301 |
Summary 156 | 309 |
| 48 | |
| 55 | |
Trustees Right of Indemnity Where the Indebtedness is in Tort 48 | 63 |
Summary | 70 |
Special Contract Relieving Trustee from Personal Liability | 78 |
Continued | 85 |
Preliminary | 89 |
Scope of Opinions in Smith v Anderson on Appeal | 91 |
Anderson Continued | 92 |
CHAPTER IX | 99 |
NONLIABILITY OF BENEFICIARIES OF A TRADING TRUST | 106 |
Review of the English Case Above Alluded | 114 |
Trustee Sued Alone Where Instrument Gives Trustee Full Con | 115 |
Nonliability of Cestui Que Trust on Contracts of Trustee Con | 120 |
xi | 127 |
Liability in General Aspect of Shareholders in Unincorporated | 134 |
The Massachusetts View 92 | 147 |
The Massachusetts View in Other StatesNew Jersey Rhode | 155 |
MartinCopeland Company 476191 | 157 |
Rights of Beneficiaries Against a TrusteeRemoval of Trustee 97 | 162 |
Theory of Trustees Responsibility to the Association 100 | 169 |
Trusts by Settlors for Their Sole Benefit 102 | 175 |
No Suspension Where Settlors are Sole Cestuis 106 | 186 |
Lawful Period of Suspension of Alienation 109 | 192 |
87 | 199 |
Trustees as Plaintiffs 116 | 207 |
Trustee of Express Trust Distinguished from Statutory Trustee 119 | 214 |
Exemption from Federal Income Tax 125 | 223 |
Taxing Resident Beneficiaries of Foreign Trusts 127 | 232 |
60 | 233 |
Taxation under State Income Tax Laws 129 | 239 |
Summary 131 | 245 |
Provisions for Action by Less Than Full NumberDivision | 251 |
Appointment and Tenure of Trustees 134 | 257 |
Acts and Defaults of Cotrustee 138 | 265 |
Information from Trustees 159 | 315 |
Using Shares as Collateral Security 161 | 323 |
Corporate Assets as a Trust Fund 165 | 329 |
Subscription to Corporate Stock Distinguished 171 | 336 |
PUBLIC POLICY WITH RESPECT TO TRUST ESTATES | 340 |
Application of the Police Power to Trust Estates 175 | 346 |
SEARS TRUST EST b | 353 |
Summary 178 | 355 |
Practical Experience with Trust Estates as Business Companies 179 | 361 |
Care to Distinguish Trust from Partnership 182 | 369 |
Stipulations in Trust Instrument as to Trustees Contracts 188 | 376 |
Meetings of Trustees 192 | 383 |
STIPULATIONS IN INSTRUMENTS ESTABLISHING TRUST | 385 |
Preferred Shares in a Trust Estate 197 | 391 |
Amending Trust AgreementsIncrease of Authorized Shares 200 | 400 |
Filing Certificates of Fictitious Name 204 | 407 |
EXHIBITS | 416 |
The Wachusett Realty Trust 433439 | 433 |
International Church Film Service A New York Trust | 440 |
Trusts for Diversifying Investments in Securities 460468 | 460 |
Plan of the Merchants Bank by Alexander Hamilton 468476 | 468 |
Trusts as Investment and Holding Companies | 491 |
Standard Oil Trust 553567 | 553 |
The Massachusetts Electric Companies 567583 | 567 |
The Bankers Alliance 581597 | 584 |
Massachusetts Gas Companies 597618 | 597 |
Real Estate TrustsHomans Real Estate Trust DeedThe | 618 |
A Texas Oil Trust 635648 | 635 |
Agreement Covering Reorganization from Incorporation | 648 |
Form of Trust Taking Over Corporation 651667 | 654 |
General Exemption of Trustees from Liability Except | 668 |
Form of Rubber Stamp Used on Contracts | 685 |
Form of Cestuis Meeting 710711 | 710 |
| 727 | |
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Common terms and phrases
absolute action acts and contracts agents apply appointment assets authority Bank beneficiaries benefit Bubble Act capital certificate holders cestuis que trust Chapter cited common law corporation court of equity creating a trust creditors debts decision declaration of trust deed of trust deemed directors embarked in trade equitable interest erty executor held hold income individual instrument creating joint-stock association joint-stock company Justice land legal title limited Mass Massachusetts ment merely N. Y. Supp ness nonliability opinion owners ownership parties partners partnership personal liability plaintiff power of alienation principle purchase purpose question real estate reason referred represented by transferable rule against perpetuities SEARS TRUST settlor shareholders statute stipulate stockholders supra Supreme Court suspension tees terest thereof tion transferable shares trus trust agreement trust embarked trust estate trust fund trust instrument trust property trust term trustee's trustor vested York
Popular passages
Page 44 - A trustee may be defined generally as a person in whom some estate, interest, or power in or affecting property is vested for the benefit of another. When an agent contracts in the name of his principal, the principal contracts and is bound, but the agent is not. When a trustee contracts as such, unless he is bound no one is bound, for he has no principal. The trust estate cannot promise; the contract is therefore the personal undertaking of the trustee.