Otis v. Beckwith

Citations

• 49 Ill. 121

Syllabus

<p>1. Trusts and trustees—relative to ike enforcement of trusts by courts of equity. Where a policy of insurance on the life of the assignor, was voluntarily assigned by him to a trustee, for the benefit of his three children, notice of which assignment and,trust was given to tne company, and also to such trustee, who sent to the assignor his written acceptance thereof, but the policy and assignment remained in the possession of the assignor, and was found after his decease among his other papers: Held, in a suit by the trustee against the administrator of the assignor, to compel a surrender of the policy to him as such trustee, and that he be declared the owner thereof:—</p> <p>1st. That an actual delivery of the policy and assignment thereof to the trustee, i was not necessary in order to complete the trust created. ></p> <p>2d. That the acts of the parties—the one notifying the other of the assignment ' and trust, and his written acceptance thereof, constituted a sufficient delivery to ( complete the title of the trustee. ,</p> <p>3d. That the object sought to be accomplished by the assignor in making the * assignment, namely, to make provision for his orphan children, being fully estab- ' lished, equity will carry out such intention, though the transfer be voluntary and without consideration, he never having manifested any desire to retract the act. ,</p> <p>2. Sales—intention of parties—a controling dement. In such cases, equity , will look to the substance of the act done, and the intention with which it was done, and in the absence of fraud, carry out such intention, and give it full effect.</p>