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CHAPTER
XLIII TRUSTEES
384. Appointment of Trustees
385. Rules for Appointing Trustees
386. Acceptance or Disclaimer
387. Executors Acting as Trustees▷
388. Removal or Resignation
389. Self-Perpetuating Boards of Trustees
390. Powers to Appoint
XLIV EXPRESS TRUSTS
§ 391. Declaration of Trust
392. A Trust Instrument Cannot Be Partly Oral
393. Testamentary Trusts
394. Voluntary Trusts
395. Reserving the Right to Revoke a Trust
396. Revoking a Trust
397. An Agreement to Create a Trust
398. Trustees to Carry out Subscription Agreements
415. Trust Property Must Be Kept Separate
416. The Conversion of Trust Property
417. The Law as to Making Investments of Trust
Funds
418. The Trustee's Control of the Property
419. Trustee's Duty to Make an Income
XLVIII RIGHTS OF BENEFICIARY
$420. Right to Information and Accounting
421. Right to Restrain Injurious Action
419
LIV COMPENSATION OF TRUSTEE
$459. No Compensation to Trustee
460. Reimbursement of Expenses
461. Rules in Regard to Compensation
462. Amount of Compensation
LV TERMINATION OF TRUST
§ 463. How a Trustee is Discharged
464. Termination of Trust by Fulfillment
465. Termination of Trust by Consent
466. Trusts That Cannot Be Terminated by Consent
467. Formalities of Termination
Part V-Banks and Trust Companies as Trustees
By Harold C. Knapp
LVI A FINANCIAL CORPORATION AS EXECUTOR, ADMIN-
ISTRATOR OR TRUSTEE
468. Introductory
469. Choosing an Executor
470. Financial Corporations as Trustees
471. Trust Companies and State Banks as Trustees
472. National Banks as Trustees
473. Decisions of the Courts
474. All State Rules Must Be Obeyed
475. How Trust Assets Are Protected
476. Rules as to Issuance of Permits to National
Banks
477. Management of Trust Funds by National
478. Rules as to the Investment of Trust Funds
479. Rules as to Court Trusts
480. Trust Funds Awaiting Investment
LVII ADVANtages Offered BY CORPORATE FIDUCIARIES
§ 481. Difficulty of Selecting a Suitable Executor
482. Why a Bank or a Trust Company Is to Be
Preferred
483. The Accessibility of a Corporate Fiduciary
484. Competency of Corporate Fiduciaries
485. The Manifold Duties of an Executor
486. Necessity of Keeping Accurate Records
487. Care Required for Manifold Details
488. The Question of Expense
489. Individual Administration of Large Estates
490. Care Required to Conserve Income
491. Corporate Fiduciaries for Long Terms
492. Corporate Fiduciaries Are Skilled in Making
Investments
493. A Case in Point
PAGE
455
459
467
477
492
507
LVIII COMPARISON OF INDIVIDUAL AND CORPORATE FIDU-
CIARIES
494. Effect of Family Dissensions
495. A Typical Case
496. Contrasted Administration by Bank or Trust
Company
497. Relation of Trustee to Beneficiaries
498. A Corporate Fiduciary Will Keep Accurate
Records
499. Caring for the Assets of an Estate
500. Cases on Care of Funds
501. How a Corporate Trustee Keeps Funds
502. How a Corporate Fiduciary Keeps Informed
as to Securities
503. The Difficulty of Securing Honest Administra-
tion
504. Cases in Point
505. Why a Corporate Fiduciary Cannot Be Dis-
honest
506. Summing Up the Qualifications of a Fidu-
ciary
LIX CUSTODIAN, AGENT, AND DEPOSITARY
§ 507. Sundry Fiduciary Relations
508. Banks and Trust Companies as Custodians
509. Banks and Trust Companies as Agents
510. Banks and Trust Companies as Fiscal Agents
511. Banks and Trust Companies as Depositaries
512. Depositaries Under Escrow Agreements
513. Depositaries Under Voting Trust Agreements
514. General Duties of a Depositary
LXI THE TRANSFER AGENT AND REGISTRAR
§ 526. Definition of Transfer Agent
527. Who May Act as Transfer Agent
519
532
528. The Advantages of an Outside Corporation
as Transfer Agent
529. Acceptance of Agency
530. Duties of the Transfer Agent
531. Entries in the Transfer Record
532. Transfer of Stock Belonging to an Estate
533. Lists of Stockholders for Dividend Payments
534. Definition of Registrar
535. Duties of the Registrar
536. Fees
LXII ORGANIZATION OF A TRUST DEPARTMENT OF A BANK
OR TRUST COMPANY . .
§ 537. Divisions of a Trust Department
538. The Trust Committee
539. Duties of the Trust Officer
540. The Duties of the Assistant Trust Officer
LXIII THE RELATION OF THE LEGAL PROFESSION TO BANK
OR TRUST COMPANY ACTING IN A FIDU-
CIARY CAPACITY
8541. The Advice of Counsel
542. Friction Between Trust Companies and the
Legal Profession
543. Requirements for Admission to the Bar
544. Duties of a Lawyer in Preparing a Will
545. Why a Bank or Trust Company Should Not
Do Legal Work
546. What a Lawyer May Advise
547. How Far a Bank or Trust Company May Go
548. The Attorney for the Estate
Part VI-Accounting for Estate of Decedents
By Paul W. Pinkerton
LXIV PURPOSE AND THEORY OF ESTATE ACCOUNTING
$549. Purpose of Estate Accounting
550. Lack of Knowledge of Subject
551. Increasing Importance of Subject
552. The Legal Obligation to Account
547
553
553. General Principles of Estate Accounting
554. Separation of Corpus from Income Must Be
Maintained
555. All Assets Must Be Accounted For
556. Need of Full Explanations of Entries
557. Service of the Public Accountant
558. Choice of the Accountant
559. Extent of His Employment
560. Purpose of Part VI