Section 555.11 – Express Trust; Purpose of Creation.
555.11 Express trust; purpose of creation. Sec. 11. Express trusts may be created for any or either of the following purposes: First. To sell lands for the benefit of creditors: Second. To sell, mortgage or lease lands, for the benefit of legatees, or for the purpose of satisfying any charge thereon: Third. To receive the […]
Section 555.12 – Devise to Trustee Without Power to Receive Rents and Profits; Estate of Trustee; Effect on Trust.
555.12 Devise to trustee without power to receive rents and profits; estate of trustee; effect on trust. Sec. 12. A devise of lands to executors or other trustees, to be sold or mortgaged, when such trustees are not also empowered to receive the rents and profits, shall vest no estate in the trustees; but the […]
Section 555.13 – Rents and Profits; Liability of Surplus to Claims of Creditors of Beneficiary.
555.13 Rents and profits; liability of surplus to claims of creditors of beneficiary. Sec. 13. When a trust is created to receive the rents and profits of lands, and no valid direction for accumulation is given, the surplus of such rents and profits, beyond the sum that may be necessary for the education and support […]
Section 555.14 – Express Trust for Unauthorized Purpose; Estate of Trustee; Power in Trust.
555.14 Express trust for unauthorized purpose; estate of trustee; power in trust. Sec. 14. When an express trust shall be created for any purpose not enumerated in the preceding sections of this chapter, no estate shall vest in the trustees; but the trust, if directing or authorizing the performance of any act which may be […]
Section 555.15 – Trust as Valid Power; Land Descent.
555.15 Trust as valid power; land descent. Sec. 15. In every case where the trust shall be valid as a power, the land to which the trust relates, shall remain in, or descend to the persons otherwise entitled, subject to the execution of the trust as a power. History: R.S. 1846, Ch. 63 ;– CL […]
Section 555.16 – Express Trust; Beneficiary, Trustee Estates, Beneficiary Right.
555.16 Express trust; beneficiary, trustee estates, beneficiary right. Sec. 16. Every express trust, valid as such in its creation, except as herein otherwise provided, shall vest the whole estate in the trustees, in law and in equity, subject only to the execution of the trust; and the person for whose benefit the trust was created, […]
Section 555.7 – Payment of Consideration for Conveyance to Another; Resulting Trust, Alienee Title.
555.7 Payment of consideration for conveyance to another; resulting trust, alienee title. Sec. 7. When a grant for a valuable consideration shall be made to 1 person, and the consideration therefor shall be paid by another, no use or trust shall result in favor of the person by whom such payment shall be made; but […]
Section 555.8 – Payment of Consideration for Conveyance to Another; Presumption as Fraudulent; Resulting Trust for Creditors of Payee.
555.8 Payment of consideration for conveyance to another; presumption as fraudulent; resulting trust for creditors of payee. Sec. 8. Every such conveyance shall be presumed fraudulent, as against the creditors of the person paying the consideration; and when a fraudulent intent is not disproved, a trust shall result in favor of such creditors, to the […]
Section 555.9 – Payment of Consideration for Conveyance to Another; Fraudulent Alienee Exemption.
555.9 Payment of consideration for conveyance to another; fraudulent alienee exemption. Sec. 9. The preceding seventh section shall not extend to cases where the alienee named in the conveyance shall have taken the same as an absolute conveyance in his own name, without the knowledge or consent of the person paying the consideration, or when […]
Section 555.1 – Uses and Trusts; Extent of Abolition; Interests Deemed Legal.
555.1 Uses and trusts; extent of abolition; interests deemed legal. Sec. 1. Uses and trusts, except as authorized and modified in this chapter, are abolished, and every estate and interest in lands shall be deemed a legal right, cognizable as such in the courts of law, except when otherwise provided in this title. History: R.S. […]