Source: https://chestofbooks.com/real-estate/Law-Of-Real-Property/Express-Trusts.html
Timestamp: 2019-04-25 18:15:31+00:00

Document:
148. An executed trust is one in -which the terms and limitations are definitely and completely declared by the instrument creating it.
149. An executory trust is one in which the limitations are not completely declared, but only an outline given, by which the trustee is to declare the final limitations of the trust estates.
34 Wright v. Pearson, 1 Eden, 125; Austen v. Taylor, Id. 361; Jerroise v. Duke of Northumberland, 1 Jac. & W. 559.
35 Austen v. Taylor, 1 :Eden, 361; Neves v. Scott, 9 How. 196; Cushing v. Blake, 30 N. J. Eq. 6S9; Tallman v. Wood, 26 Wend. (N. Y.) 9.
36 Wright v. Pearson, 1 Eden, 125; Jerroise v. Duke of Northumberland, 1 Jac & W. 559. Executory trusts are closely applied to powers. See post, p. 306.
37 Tallman v. Wood, 26 Wend. (N. Y.) 9. Mcelroy y. Mcelroy, 113 Mass. 509; Cashing v. Blake, 30 N. J. Eq. 689; Wight v. Leigh, 15 Yes. 564.
38 Neves v. Scott, 9 How. 196; Gause v. Hale, 2 Ired. Eq. (N. C.) 241; Smith v. Maxwell, 1 Hill (S. C.) 101; Green v. Rumph, 2 Hill (S. C,) 1; Carroll v. Renich, 7 Smedes & M. (Miss.) 798.
39 See post, p. 295.
151. The parties to the creation of a trust are,(a) The feoffor, or creator.
(b) The feoffee, or trustee, who holds the legal title.
(c) The cestui que trust, or beneficiary.
Any real property may be held in trust.43 The requirements as to description of the property conveyed, the designation of the feoffee and of the cestui que trust, etc., are matters of conveyancing, and will be discussed in a subsequent chapter.
40 Bunn v. Winthrop, 1 Johns. Ch. (N. Y.) 329; Ownes v. Ownes, 23 N. J. Eq. 60; Massey v. Huntington, 118 Ie. 80, 7 N. E. 269; Branson v. Henry, 140 Ind. 455, 39 N. E. 256; Anon Brooke, 89. But see Beeman v. Beeman, 88 Hun, 14, 34 N. Y. Supp. 484; Hamilton v. Downer, 152 I1l 651, 38 N. E. 733. The instrument of creation must be executed and delivered. Govin v. De Miranda, 9 Misc. Rep. 684, 30 N. Y. Supp. 550.
41 Tiayes v. Kershow, 1 Sandf. Ch. (N. Y.) 258; Bunn v. Winthrop, 1 Johns. Ch. (N. Y.) 329; Buford v. Mckee, 1 Dana (Ky.) 107.
42 See post, p. 267.
43 1 Perry, Trusts (4th Ed.) §§ 67-69; 2 Washb. Real Prop. (5th Ed.) p. 416. But a trust cannot be created in a mortgage, where it is only a lien, though there may be a trust In the mortgage debt. Merrill v. Brown, 12 Pick. (Mass.) 216.

References: v. 
 v. 
 v. 
 v. 
 v. 
 v. 
 v. 
 v. 
 v. 
 v. 
 v. 
 v. 
 v. 
 v. 
 v. 
 v. 
 v. 
 v. 
 v. 
 v. 
 v. 
 v. 
 v. 
 v. 
 v. 
 v. 
 v. 
 v.