Axtell v. Coons

Citations

• 82 Fla. 158
• 89 So. 419

Syllabus

<p>1. A trustee holds the trust property for the benefit of the cestui que trust to whom he is accountable, not only for the specific trust property, but for the proceeds of its sale, its accretions, its earnings and any and all funds coming into his hands from, by; or through the property of which he is trustee.</p> <p>2. Where a person designated as trustee of property is given possession, control, the beneficial use, and absolute and uncontrolled dominion over the supposed trust property, with uncontrolled power to dispose' of same absolutely at his discretion, such power defeats the trust.</p> <p>3. Where a trust is sought to be created and the person named as trustee does not hold the property for any specified or ascertainable object, and where the disposition of the property is not definitely stated, and where the supposed trustee' is given power to .sell the property and is expressly relieved from any obligation to account in any wise to the cestui que trust for the proceeds of the sale or its earnings or accretions, a trust is not created, but the supposed trustee holds both the legal and the equitable estate.</p> <p>4. A fundamental essential to the existence of any trust is the separation of the legal estate from the beneficial enjoyment; and no trust can exist where the same person possesses both. If the legal and equitable estates come together in the same person the equitable is merged in the legal, and the trust is terminated. Absolute control and power of disposition are inconsistent with the idea of a trust.</p> <p>5. The same person cannot be at the same time trustee and beneficiary of the same identical interest.</p> <p>6. Where the trustee is made beneficiary of the same estate, both in respect to its quality and quantity, the inevitable result is that the equitable is merged in the legal estate, and the latter alone remains.</p> <p>7. The trustee and the beneficiary must be distinct personalities, or, otherwise, there could be no trust, and the