Trustee

The person appointed or required by law, to execute a trust; one in whom an estate, interest or power is vested, under an express or implied agreement to administer or exercise it for the benefit or to the use of another. "Trustee" is also used in a wide and perhaps inaccurate sense, to denote that a person has the duty of carrying out a transaction, in which he and another person are interested, in suph manner as wlll be most for the benefit of the latter, and not in such a way that he himself might be tempted, for the sake of bis personal advantage, to neglect the interests of the other.

In this sense, directors of companies are said to be "trustees for the shareholders." Sweet.

— Conventional trustee. A "conventional" trustee is one appointed by a decree of court to execute a trust, as distingnished from one appointed by the instrument creating the trust. Gilbert v. Kolb, 85 Md. 627, 37 Atl. 423_Joiut trustees. Two or more persons who are intrusted with property for the benefit of one or more others.

— Quasi trustee. A person who reaps a benefit from a breach of trnst, and so becomes answerable as a trustee. Lewin, Trusts (4th Ed.) 592, 638.

— Testamentary trustee. A trustee appointed by or acting under a will; one appointed to carry out a trust created by a will. The term does not ordinarily include an executor or an administrator with the will annexed, or a guardian, though nil of these are in a sense trustees, except when they act in the execution of a trust created by the will and which is separable from their functions as executors, etc. See In re Hazard, 51 Hun. 201, 4 N. Y. Supp. 701; In re Valentine's Estate, 1 Misc. Rep. 491, 23 N. Y. Supp. 289; In re Hawley, 104 N. Y. 250, 10 N. E. 352.
—'Trustee acts. The stafutes 13 & 14 Vict c. 60, passed in 1850, and 15 & 16 Vict. c. 55, passed in 1852, enabling the court of chancery, without bill filed, to appoint new trustees in lieu of any who, on account of death, lunacy, absence, or otherwise, are unable or unwilling to act as such; and also to make vesting orders by which legal estates and rights may be transferred from the old trustee or trustees to the new trustee or trustees so appointed. Mozley & Whitley

— Trustee ex maleficio. A person who, being guilty of wrongful or fraudulent conduct, is held by equity to the duty and liability of a trustee, in relation to the subject-matter, to preveut him from profiting by his own wrong.

— Trustee in bankruptcy. A trustee in bankruptcy is a person in whom the property of a bankrupt is vested in trust for the creditors.

— Trustee process. The name given, in the New England states, to the process of garnishment or foreign attachment

— Trustee relief acts. The statute 10 & 11 Vict. c. 96, passed in 1847, and stafute 12 & 13 Vict. c. 74, passed in 1849. by which a trustee is enabled to pay money into court, in cases where a difficulty arises respecting the title to the trust fund. Mozley & Whitley.