The Complete Codes and Statutes of the State of Montana; In Force July 1, 1895 Together with the Constitution of the United States and of the State of

The Complete Codes and Statutes of the State of Montana; In Force July 1, 1895 Together with the Constitution of the United States and of the State of

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1895 edition. Excerpt: ... 3012. If a trustee procures or assents to his discharge from his office, before his trust is fully executed, he must use at least ordinary care and diligence to secure the appointment of a trustworthy successor before accepting his own final discharge. Sec. 3013. A trustee must invest money received by him under the trust, as fast as he collects a sufiicient amount, in such manner as to aflord reasonable security and interest for the same. Sec. 3014. If a trustee omits to invest the trust moneys according to the last Section, he must pay simple interest thereon, if such omission is'negligent merely, and compound interest if it is willful. Sec. 3015. A trustee cannot enforce any claim against the trust property which he purchases after or in contemplation of his appointment as trustee; but he may be allowed, by any competent court, to charge to the trust property what he has in good faith paid for the claim, upon discharging the same. Sec. 3020. A trustee is a general agent for the trust property. His authority is such as is conferred upon him by the declaration of trust and by this Chapter, and none other. His acts, within the scope of his authority, bind the trust property to the same extent as the acts of an agent bind his principal. Sec. 3021. Where there are several co-trustees, all must unite in any act to bind the trust property, unless the declaration of trust otherwise provides. Sec. 3022. A discretionary power conferred upon a trustee is presumed not to be left to his arbitrary discretion, but may be controlled by the proper court if not reasonably exercised, unless an absolute discretion is clearly conferred by the declaration of trust. ARTICLE IV. ' RIGHTS OF TRUSTEES. Section 3030. Indemnification of trustee. 3031....show more

Product details

  • Paperback | 920 pages
  • 189 x 246 x 46mm | 1,610g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236768973
  • 9781236768971