Young v. Mercantile Trust Co.

Citations

• 140 F. 61
• 1905 U.S. App. LEXIS 4754

Syllabus

<p>1. Trusts — Enforcement of Trust — Sufficiency of Allegation.</p> <p>A bill for an' accounting, wbicb alleges that complainant delivered securities amounting to a sum stated to defendant “as trustee and depositary to bold and thereafter deliver and distribute the same as directed and authorized by the complainant, and that the defendant received the securities and accepted the trust obligations to so deliver and make distribution thereof,” but which does not further state the character of the trust, its terms, extent, or purposes, or whether in writing or parol, does not show such an express or implied trust relation between the parties as to confer jurisdiction on a court of equity, the allegations being entirely consistent with a- mere deposit creating only the relation of bailor and bailee.</p> <p>2. Equity — Pleading—Allegations Admitted by Demurrer.</p> <p>In such case the general averments of a trust are merely conclusions of law, which are not admitted by a demurrer.</p> <p>3. Bailment — Fiduciary Relations.</p> <p>A contract of bailment does not create such fiduciary relations between the parties as to give a court of equity jurisdiction of a suit for its enforcement, unless accompanied by facts and circumstances from which it may be presumed that the intendment of the parties was to create a trust, or where the obligations imposed arose out of confidential relations.</p>