Booth v. Oakland Bank of Savings

Citations

• 122 Cal. 19
• 54 P. 370
• 1898 Cal. LEXIS 520

Syllabus

<p>Tbust—Bank Deposit Payable to Beneeiciabies—Death oe Depósitos—A trust for the benefit of two sisters of the depositor of money in a savings bank, in the residue remaining at her death, is sufficiently proved by evidence showing that, in her lifetime, the deposit was changed by the bank, upon her order, so as to make it payable to the individual order of either of her sisters, or of herself, for the purpose orally declared to the bank of arranging the deposit so that her sisters could draw it at her death, and have the immediate benefit of it without probate of her estate, and by her addressing them a letter stating what she had done, and that upon her death they could draw the money, and divide it equally between them, and directing them where they could obtain the bank-book.</p> <p>Id.—TBtisr in Pebsonal Pbopebty, How Obeated.—A trust in personal property need not be in writing, and no special form of words is required to create it. The trust in the remainder of the bank deposit for the benefit of the sisters of the depositor was sufficiently created as to the trustor and beneficiaries, under section 2221 of the Civil Code, and was also sufficiently created, as-to the trustee, under section 2222 of the same code.</p> <p>Id.—Acceptance by Beneeiciaby—Demand—Action to Eneobce Tbtjst.—The code does not require that the beneficiary shall be informed of the trust, or shall express an acceptance of it. A demand made by the beneficiaries upon the bank for payment of the deposit, and an action to enforce the trust, is a sufficient acceptance by them.</p> <p>Id.—Mutual Consent oe Teustob and Tbustee—Unbescinded-Tbust.—The mutual consent of the trustor and trustee creates a trust of which the beneficiary may take advantage, in so far as it has not been rescinded or revoked.</p> <p>Id.—Poweb oe Teustob to Withdraw Deposit—Revocation in Pabt.—The power of the trustor to withdraw the deposit does not affect the validity of the trust, as to the remainder thereof; and it is i