Trusts
A Law Dictionary, Adapted to the Constitution and Laws of the United States · John Bouvier · 1839
A Law Dictionary, Adapted to the Constitution and Laws of the United States
contracts, devises, is a personal obligation for paying, delivering or performing any thing, where the person trusting has no real right or security, for by that act he confides altogether to the faithfulness of those intrusted. This is its most general meaning, and includes deposits, bailments, and the like. In its more technical sense, it may be defined to be an obligation upon a person, arising out of a confidence reposed in him, to apply property faithfully, and according to such confidence.
Willis on Trustees, 1; 4 Kent, Com. 295; 2 Fonb. Eq. 1; 1 Saund. Uses and Tr. 6; Coop. Eq. PI. Introd. 27; 3 Bi. Com. 431.
For the origin of trusts in the civil law, see 5 Toull. Dr. Civ. Fr. liv.
3, t. 2, c. 1, n. 18; 1 Brown’s Civ. Law, 190.
Vide Resulting Trusts.