Girard Trust Co. v. Mellor

Citations

• 156 Pa. 579
• 27 A. 662
• 1893 Pa. LEXIS 1385

Syllabus

<p>Trust — Declaration—Delivery—Creditors—Public policy.</p> <p>An intention to create a trust with respect to personal property in the settlor’s control, looking to the future and not to the present, and resting upon a naked declaration merely, without signing, or delivery, or promise to deliver, is not sufficient to vest any right in a creditor for whom the trust was intended. Such a trust would be against public policy.</p> <p>Barker Bros. & Co., as agents and bankers, received deposits for stock subscriptions. Delay occurring in the issuance of the shares, Barker Bros, wrote a declaration that certain enumerated securities were “ held as collateral security against deposits of subscribers and underwriters.” This declaration was not signed, and, with some of the securities, was placed in an envelope indorsed as containing the collaterals. This envelope, with the rest of the securities enumerated, was placed in a tin box which contained nothing else, and the box was deposited for safe keeping in the custody of a trust company to the credit of Barker Bros. & Co., until they made an assignment for benefit of creditors. The assignee demanded and received possession of the box. Barker Bros. & Co. -were discharged as trustees of the securities and plaintiff was appointed trustee in their stead. Before the assignment the assignee and one of the subscribers were told that the securities were set aside to secure the subscribers. Held, that a court of equity would not decree a transfer of the securities by the assignee to plaintiff as trustee.</p>