Fatjo v. Swasey

Citations

• 111 Cal. 628
• 44 P. 225
• 1896 Cal. LEXIS 631

Syllabus

<p>Trust—Devise to Executors as Trustees—Distribution—Title of Successor Appointed by Court.—A will devising the estate to the executors as trustees, in trust to sell and distribute the proceeds, as soon as in their judgment may be for the best interest of the estate, creates a valid trust, and upon distribution of the estate to the executors as trustees, the legal title to the property vests in them, and upon their resignation or removal, and the appointment of a trustee as their successor by the court, the legal title vests in him, subject to the trust.</p> <p>Id.—Jurisdiction of Equity over Tp.ustf.es—Appointment of New Trustee.—Courts of equity have inherent jurisdiction over all matters of trust and trustees, and they never allow a trust to fail for want of a trustee, and they may appoint a new trustee, when the trustees originally apoointed resign or are removed, and a new appointee, when he accepts the place, succeeds to all the rights, duties, and responsibilities of his predecessors.</p> <p>Id.—Delay in Sale by Trustees—Right of Beneficiaries.—The delay or failure of the trustees to sell the property pursuant to the trust does not operate to destroy the trust, or vest title in the beneficiaries; but if the trustees err in the exercise of the judgment reposed in them to sell the property as soon as, in their judgment, it will be most for the interest of the estate, the only remedy for the beneficiaries is to apjply to the court for an order directing the trustees to proceed and execute the trust, or for their removal.</p> <p>Id,—Construction of Code—Transferable Interest of Beneficiary-Section 863 of the Civil Code, which enacts, generally, that the whole of the trust estate in real property is vested in the trustees, and that the beneficiaries take no estate or interest in the property, but may enforce the trust, is not affected or repealed by section 867 of the code as amended in 1874, which permits the transfer of the rights of the beneficiary to the rent