Directory Trust
A Dictionary of Law · Henry Campbell Black · 1891
A Dictionary of Law
Where, by the terms of a trust, the fund is directed to be vested in a particular manner till the period arrives at which it is to be appropriated, this is called a “directory trust.” It is distinguished from a discretionary trust, in which the trustee has a discretion as to the management of the fund.
10 Yerg. 272,