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 555.1 – 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. […]
Section 555.2 – Executed Use Confirmed as Legal Estate.
555.2 Executed use confirmed as legal estate. Sec. 2. Every estate which is now held as an use, executed under the laws of this state as they formerly existed, is confirmed as a legal estate. History: R.S. 1846, Ch. 63 ;– CL 1857, 2632 ;– CL 1871, 4115 ;– How. 5564 ;– CL 1897, 8830 […]
Section 555.3 – Right to Possession Deemed Legal Estate.
555.3 Right to possession deemed legal estate. Sec. 3. Every person who, by virtue of any grant, assignment or devise, now is, or hereafter shall be entitled to the actual possession of lands, and the receipt of the rents and profits thereof, in law or in equity shall be deemed to have a legal estate […]
Section 555.4 – Right to Possession Deemed Legal Estate; Effect on Existing Active Trust.
555.4 Right to possession deemed legal estate; effect on existing active trust. Sec. 4. The last preceding section shall not divest the estate of any trustees, in any existing trust, where the title of such trustees is not merely nominal, but is connected with some power of actual disposition or management, in relation to the […]
Section 555.5 – Passive Trust; Disposition of Lands, Trustee Interest.
555.5 Passive trust; disposition of lands, trustee interest. Sec. 5. Every disposition of lands, whether by deed or devise, hereafter made, except as otherwise provided in this chapter, shall be directly to the person in whom the right to the possession and the profits shall be intended to be vested, and not to any other, […]
Section 555.6 – Constructive, Resulting or Express Trusts; Preceding Sections Effect.
555.6 Constructive, resulting or express trusts; preceding sections effect. Sec. 6. The preceding sections of this chapter, shall not extend to trusts arising or resulting by implication of law, nor be construed to prevent or affect the creation of such express trusts as are hereinafter authorized and defined. History: R.S. 1846, Ch. 63 ;– CL […]