Badgley v. Votrain

Citations

• 68 Ill. 25

Syllabus

<p>1. Trust—enforcement of voluntary declm'ation of trust. Where a trust is perfectly created, so that the donor or settlor has nothing more to do, and the party seeking to enforce it has need of no further conveyance from the settlor, and nothing is required of the court but to give effect to the trust as an executed trust, it will be carried into effect, although it was without consideration, and the possession of the property was not changed. But if the transaction is incomplete, and its final completion is asked in equity, the court will not interfere to perfect the settlor’s liability without inquiring into the origin of the claim and the nature of the consideration given; and if the undertaking is purely voluntary, the court will not execute it.</p> <p>3. Where a grandfather entered into a written instrument with a grandson, which recited that he had assigned to the latter notes and mortgages to the amount of §13,000, upon the condition that the assignor should retain and receive the interest on the same during his life, the same to be drawn by the grandson before a division of the donor’s property, and the grandson to inherit one-third of the rest of his property; and it appeared that an assignment had been written upon a portion of the notes to the grandson, hut no delivery was made of any, and that there was no consideration for the undertaking other than the relationship of the parties : Sield, on hill by the grandson to enforce the trust and compel a delivery of the notes, that the transfer was incomplete for want of a delivery of the notes and securities, and there being no consideration, the court could not complete the transaction and grant the relief sought.</p> <p>3. Assignment of negotiable paper—delivery necessary. Promissory notes are capable of legal transfer only in the mode prescribed by statute, by indorsement on the back by the payee and delivery. It can not be done by a separate instrument in writing. An indorsement of a note to another by t