Trust
| n. | 1. | Assured resting of the mind on the integrity, veracity, justice, friendship, or other sound principle, of another person; confidence; reliance; reliance. |
| 2. | Credit given; especially, delivery of property or merchandise in reliance upon future payment; exchange without immediate receipt of an equivalent; as, to sell or buy goods on trust. |
| 3. | Assured anticipation; dependence upon something future or contingent, as if present or actual; hope; belief. |
| 4. | That which is committed or intrusted to one; something received in confidence; charge; deposit. |
| 5. | The condition or obligation of one to whom anything is confided; responsible charge or office. |
| 6. | That upon which confidence is reposed; ground of reliance; hope. |
| 7. | (Law) An estate devised or granted in confidence that the devisee or grantee shall convey it, or dispose of the profits, at the will, or for the benefit, of another; an estate held for the use of another; a confidence respecting property reposed in one person, who is termed the trustee, for the benefit of another, who is called the cestui que trust. |
| 8. | An equitable right or interest in property distinct from the legal ownership thereof; a use (as it existed before the Statute of Uses); also, a property interest held by one person for the benefit of another. Trusts are active, or special, express, implied, constructive, etc. In a passive trust the trustee simply has title to the trust property, while its control and management are in the beneficiary. |
| 9. | A business organization or combination consisting of a number of firms or corporations operating, and often united, under an agreement creating a trust (in sense 1), esp. one formed mainly for the purpose of regulating the supply and price of commodities, etc.; often, opprobriously, a combination formed for the purpose of controlling or monopolizing a trade, industry, or business, by doing acts in restraint or trade; as, a sugar trust. A trust may take the form of a corporation or of a body of persons or corporations acting together by mutual arrangement, as under a contract or a so-called gentlemen's agreement. When it consists of corporations it may be effected by putting a majority of their stock either in the hands of a board of trustees (whence the name trust for the combination) or by transferring a majority to a holding company. The advantages of a trust are partly due to the economies made possible in carrying on a large business, as well as the doing away with competition. In the United States severe statutes against trusts have been passed by the Federal government and in many States, with elaborate statutory definitions. |
| a. | 1. | Held in trust; as, trust property; trustmoney. |
| v. t. | 1. | To place confidence in; to rely on, to confide, or repose faith, in; as, we can not trust those who have deceived us. |
| 2. | To give credence to; to believe; to credit. |
| 3. | To hope confidently; to believe; - usually with a phrase or infinitive clause as the object. |
| 4. | to show confidence in a person by intrusting (him) with something. |
| 5. | To commit, as to one's care; to intrust. |
| 6. | To give credit to; to sell to upon credit, or in confidence of future payment; as, merchants and manufacturers trust their customers annually with goods. |
| 7. | To risk; to venture confidently. |
| v. i. | 1. | To have trust; to be credulous; to be won to confidence; to confide. |
| 2. | To be confident, as of something future; to hope. |
| 3. | To sell or deliver anything in reliance upon a promise of payment; to give credit. |
TRUST, contracts, devises. An equitable right, title or interest in
property, real or personal, distinct from its legal ownership; or it is a
personal obligation for paying, delivering or performing anything, where the
person trusting has no real. right or security, for by, that act he confides
altogether to the faithfulness of those entrusted. 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. Pl. Introd. 27; 3 Bl. Com.
431.
2. Trusts were probably derived from the civil law. The fidei
commissum, (q.v.) is not dissimilar to a trust.
3. Trusts are either express or implied. 1st. Express trusts are those
which are created in express terms in the deed, writing or will. The terms
to create an express trust will be sufficient, if it can be fairly collected
upon the face of the instrument that a trust was intended. Express trusts
are usually found in preliminary sealed agreements, such as marriage
articles, or articles for the purchase of land; in formal conveyances, such
as marriage settlements, terms for years, mortgages, assignments for the
payment of debts, raising portions or other purposes; and in wills and
testaments, when the bequests involve fiduciary interests for private
benefit or public charity,, they may be created even by parol. 6 Watts &
Serg. 97.
4.-2d. Implied trusts are those which without being expressed, are
deducible from the nature of the transaction, as matters of intent; or which
are superinduced upon the transaction by operation of law, as matters of
equity, independently of the particular intention of the parties.
5. The most common form of an implied trust is where property or money
is delivered by one person to another, to be by the latter delivered to a
third person. These implied trusts greatly extend over the business and
pursuits of men: a few examples will be given.
6. When land is purchased by one man in the name of another, and the
former pays the consideration money, the land will in general be held by the
grantee in Trust for the person who so paid the consideration money. Com.
Dig. Chancery, 3 W 3; 2 Fonb. Eq. book 2, c. 5, Sec. 1, note a. Story, Eq.
Jur. Sec. 1201.
7. When real property is purchased out of partnership funds, and the
title is taken in the name of one of the partners, he will hold it in trust
for all the partners. 7 Ves. jr. 453; Montague on Partn. 97, n.; Colly.
Partn. 68.
8. When a contract is made for the sale of land, in equity the vendor
is immediately deemed a trustee for the vendee of the estate; and the
vendee, a trustee for the vendor of the purchase money; and by this means
there is an equitable conversion of the property. 1 Fonb. Eq. book 1, ch. 6,
Sec. 9, note t; Story, Eq. Jur. SSSS 789, 790, 1212. See Conversion. 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. See, generally,
Bouv. Inst. Index, h.t.
Aktiengesellschaft,
absolute interest,
accept,
accept for gospel,
accept implicitly,
acceptation,
acception,
acquiescence,
agency,
agentship,
aktiebolag,
arrogance,
aspiration,
aspire to,
assign,
assignment,
assumption,
assurance,
assured faith,
assuredness,
authority,
authorization,
bank credit,
bank on,
be certain,
belief,
believe in,
believe without reservation,
benefit,
body corporate,
book credit,
borrowing power,
brevet,
business,
business establishment,
buy,
care,
carry,
cartel,
cash credit,
certainty,
certitude,
chain,
chamber of commerce,
charge,
cheerful expectation,
claim,
closed-end investment company,
cocksureness,
combine,
commend,
commercial credit,
commercial enterprise,
commission,
commissioning,
commitment,
common,
compagnie,
company,
concern,
confide,
confide in,
confidence,
confidentness,
conglomerate,
conglomerate corporation,
consign,
consignment,
consolidating company,
consortium,
consumer credit,
contingent interest,
conviction,
copartnership,
corporate body,
corporation,
count on,
courage,
credibility,
credit insurance,
credit rating,
credit union,
credulity,
cure,
custody,
deem trustworthy,
delegate,
delegated authority,
delegation,
depend on,
dependability,
dependence,
deputation,
depute,
desire,
devolution,
devolvement,
diversified corporation,
doomed hope,
easement,
embassy,
empower,
empowerment,
enfeoff,
enterprise,
entrusting,
entrustment,
equitable interest,
equity,
errand,
estate,
executorship,
exequatur,
expect,
expectation,
extend credit,
factorship,
fair prospect,
feel confident,
fervent hope,
firm,
full power,
give,
give credit,
give faith to,
give in charge,
give in trust,
give tick,
good cheer,
good hope,
great expectations,
group,
growth fund,
guardianship,
hand over,
harbor the hope,
have confidence in,
have faith in,
high hopes,
hire purchase plan,
holding,
holding company,
hope against hope,
hope and pray,
hope for,
hope in,
hope to God,
hopeful prognosis,
hopefulness,
hopes,
hoping,
hoping against hope,
house,
hubris,
industry,
infeudate,
installment credit,
installment plan,
interest,
investment company,
investment credit,
investment trust,
joint-stock association,
joint-stock company,
jurisdiction,
keeping,
lean upon,
legation,
license,
lieutenancy,
limitation,
line of credit,
live in hopes,
load fund,
mandate,
mission,
monopoly,
mutual fund,
never-never,
no-load fund,
nurture the hope,
office,
operating company,
overconfidence,
oversureness,
overweening,
overweeningness,
part,
partnership,
percentage,
place confidence in,
place reliance in,
plenipotentiary power,
plunderbund,
poise,
pomposity,
pool,
positiveness,
power of attorney,
power to act,
prayerful hope,
presume,
presumption,
pride,
procuration,
promise,
prospect,
prospects,
protection,
proxy,
public utility,
purview,
put faith in,
put trust in,
rating,
receive,
reception,
regency,
regentship,
relegate,
reliability,
reliance on,
rely upon,
remand,
remit,
repose,
repose confidence in,
repose in,
responsibility,
rest assured,
rest in,
right,
right of entry,
safekeeping,
sanguine expectation,
security,
self-assurance,
self-confidence,
self-importance,
self-reliance,
sell on credit,
set store by,
settled belief,
settlement,
stake,
stock,
stock company,
store,
strict settlement,
subjective certainty,
sureness,
surety,
suspension of disbelief,
swallow,
syndicate,
take for granted,
take on faith,
take on trust,
take stock in,
task,
tax credit,
think reliable,
tick,
title,
trade association,
trust implicitly,
trust in,
trusteeship,
trustworthiness,
use,
utility,
vested interest,
vicarious authority,
ward,
warrant,
well-grounded hope