Nicoll v. Mason

Citations

• 49 Ill. 358

Syllabus

<p>1. Trusts—of estate conveyed in trust, whether realty or personalty. Where, by an agreement between the parties to an undertaking, a portion were to furnish the capital, and the other parties, as agents in the joint undertaking, were to invest it in lots in the city of Chicago, to be bought and sold on speculation for their joint use and benefit, and those furnishing the capital were, at the expiration of the time to which the joint undertaking was limited, to have the capital, so furnished and invested, returned to them, together with a stipulated annual interest, which was first to be deducted from the proceeds of the undertaking, and the remainder to be equally divided among the parties so interested: Held, that the resulting estate, in the property so bought and sold, being an interest in the profits merely, was of the nature of personalty.</p> <p>2. But if the lots so purchased are not sold, but, by consent of all the parties, are conveyed by the purchasing agents to one of the beneficiaries, in trust for all, by such conveyance the beneficiaries are invested with an equitable estate of inheritance, and the estate is thereby changed from its character as personalty to that of realty, and invested with all its incidents.</p> <p>3. If, however, the purchasing agents, as the cestuis que trust, convey the land, by consent of all the beneficiaries, to one, in trust for all, expressly limiting the power of such trustee to a sale of the land and division of the profits, the character of the estate would not be changed by such conveyance, but would still remain as personal estate in the beneficiaries of the trust.</p> <p>4. Chancery—of reforming a eked, or declaring a trust. A court of chancery will not, after a long lapse of years, interfere to reform a deed, or declare a trust, except upon the most positive and satisfactory evidence of the intention of the parties at the time the deed was executed or trust created.</p>