Executed trust
Black's Law Dictionary · Henry Campbell Black, M.A. · 1910
Black's Law Dictionary
A trust of which the scheme has in the outset been completely declared.
Adams, Eq. 151.
A trust in which the estates and interest in the subject-matter of the trust are completely limited and defined by the instrument creating the trust, aud require no further instruments to complete them.
Bisp. Eq. 20; Pillot v. Landon, 46 N. J. Eq. 310, 19 Atl. 25 ; Dennison v. Goehring, 7 Pa. 177, 47 Am. Dec. 505; In re Fair's Estate, 132 Cal. 523, 60 Pac. 442, 84 Am. St. Rep. 70; Cushing v. Blake, 29 N. J. Eq. 403; Egerton v. Brownlow, 4 H. L. Cas. 210.
As all trusts are executory in this sense, that the trustee is bound to dispose of the estate according to the tenure of his trust, whether active or passive, it would be more accurate and precise to substitute the terms, "perfect" and "imperfect" for "executed" and "executory" trusts.
1 Hayes, Couv. 85.