TRUSTEE - Person or institution that
oversees and manages a trust.
A trustee is one to whom an estate has been conveyed
in trust.
The trust estate is not subject to the specialty or
judgment debts of the trustee, to the dower of his wife,
or the curtesy of the hushand of a female trustee.
With respect to the duties of trustees, it is held,
in conformity to the old law of uses, that pernancy
of the profits, execution of estates, and defence of
the land, are the three great properties of a trust,
so that the courts of chancery will compel trustees,
1. To permit the cestui que trust to receive the rents
and profits of the land. 2. To execute such conveyances,
in accordance with the provisions of the trust, as the
cestui que trust shall direct. 3. To defend the title
of the land in any court of law or equity.
It has been judiciously remarked that in a great variety
of cases, it is not easy to say what the duty of a trustee
is; and that therefore, it often becomes indispensable
for him, before he acts, to seek, the aid and direction
of a court of equity.
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