State whether or not a trust is created in each of the following situations: (a) A declares
Question:
State whether or not a trust is created in each of the following situations:
(a) A declares herself trustee of “the bulk of my securities” in trust for B.
(b) A, the owner of Blackacre, purports to convey to B in trust for C “a small part” of Blackacre.
(c) A orders B, a stockbroker, to buy 2,000 shares of American Steel or any part thereof at $20 per share. After the broker has bought 500 shares but before A knows whether any shares have been bought for him, A declares himself trustee for C of such shares of American Steel as B has bought.
(d) A owns ten bonds. He declares himself trustee for B of such five of the bonds as B may select at any time within a month.
(e) A deposits $1,000 in a savings bank. He declares himself trustee of the deposit in trust to pay B $500 out of the deposit, reserving the power to withdraw from the deposit any amounts not in excess of $500.
BrokerA broker is someone or something that acts as an intermediary third party, managing transactions between two other entities. A broker is a person or company authorized to buy and sell stocks or other investments. They are the ones responsible for...
Step by Step Answer:
Essentials of Business Law and the Legal Environment
ISBN: 978-0324303957
9th edition
Authors: Richard A. Mann, Barry S. Roberts