Bay Biscayne Co. v. Baile

Citations

• 73 Fla. 1120

Syllabus

<p>1. To constitute a valid trust in personalty “three circumstances must occur: Sufficient words to raise it; a definite subject-matter; and a certain and ascertained object;” such a trust may be created by deed or may rest entirely in parol, or may be partly in writing and partly in parol.</p> <p>2. The evidence in this case has been carefully examined and scrutinized, and establishes the fact that a trust was created by O in favor of C, with B as the trustee.</p> <p>3. Where a trust has been created, and a trustee appointed, and given possession of the trust estate, the trust cannot be destroyed by the failure or omission of the trustee to perform all of his duties promptly. Acts of omission of the trustee in performing the details of the trust will not destroy it.</p> <p>4. Where the creator of a trust endeavors to repudiate it by legal action, and it becomes necessary for the trustee to employ counsel to protect same, the trustee is entitled to his reasonable counsel fees, costs, and necessary expenses to be paid out of the trust estate.</p> <p>5. A trust was created by O. for benefit of C. with B. as trustee holding the trust property. O., the creator, undertook by bill in equity to destroy the trust, and recover the trust property. The trustee, finding it necessary to protect the trust estate, filed a petition in the same suit asking the court to allow a reasonable fee for his counsel. Held, that there was no error committed by the chancellor in allowing the trustee a reasonable fee for his counsel, and that, too, upon the petition filed in the same suit.</p> <p>6. Where the creator of a trust, after bringing bill in equity to destroy the trust, subsequently enters into a written agreement with the cestui que trust, who is stii juris, abrogating the trust, releasing the settler in full, and directing the trust property to be immediately delivered to the settler, the Circuit Court has power to prevent the delivery of the trust property until all proper costs,