13
Summary of California Law (10th), Trusts
I. INTRODUCTION
<d2.o n="A. [§1] Nature and
Classification of Trusts.
<d2.o n="B. Other Relationships Distinguished.
<d3.o n="1. [§2] In General.
<d3.o n="2. [§3] Debt,
Security Device, or Impound Account.
<d3.o n="3. [§4] Equitable
Charge.
<d3.o n="4. [§5] Interest
Subject to Condition.
<d3.o n="5. [§6] Pension or
Deferred Compensation Plan.
<d2.o n="C. [§7] Public and
Statutory Trusts.
<d2.o n="D. Tentative Trust in Bank Deposit.
<d3.o n="1. [§8] Nature of
Trust.
<d3.o n="2. [§9] Adoption of
Doctrine in California.
<d3.o n="3. [§10] Elements
of Trust.
<d3.o n="4. [§11] Distinction:
Absolute Trust.
<d2.o n="E. [§12] Restatement.
<d2.o n="F. [§13] Uniform
Acts.
<d2.o n="G. Conflict of Laws.
<d3.o n="1. [§14] Validity
of Trust.
<d3.o n="2. [§15] Construction
of Instrument.
<d3.o n="3. [§16] Administration
of Trust.
<d2.o n="H. The Trust Law.
<d3.o n="1. [§17] Law
Revision Commission Report.
<d3.o n="2. [§18] Enactment.
<d3.o n="3. [§19] Principal
Changes.
<d3.o n="4. Scope and Application of Trust Law.
<d4.o n="(a) [§20] General
Rule: Application to All Trusts.
<d4.o n="(b) [§21] Exceptions:
Prospective Application.
<d4.o n="(c) [§22] Subjects
Covered or Excluded.
<d4.o n="(d) [§23] Other
Provisions Governing Trusts.
<d3.o n="5. [§24] Role of
Common Law.
II. CREATION OF EXPRESS TRUST
<d2.o n="A. In General.
<d3.o n="1. [§25] Methods of
Creation.
<d3.o n="2. [§26] Essential
Elements.
<d3.o n="3. [§27] Matters
Not Essential.
<d2.o n="B. Statute of Frauds.
<d3.o n="1. [§28] Express
Trust in Real Property.
<d3.o n="2. Oral Trust in Personal Property.
<d4.o n="(a) [§29] General
Law and California Cases.
<d4.o n="(b) [§30] Trust Law.
<d2.o n="C. [§31] Trust
Property.
<d2.o n="D. Trust Intent.
<d3.o n="1. [§32] In
General.
<d3.o n="2. Precatory Words.
<d4.o n="(a) [§33] Words
Ineffective To Create Trust.
<d4.o n="(b) [§34] Words
Addressed to Executor.
<d4.o n="(c) [§35] Words
Interpreted as Creating Trust.
<d2.o n="E. Trust Purpose.
<d3.o n="1. [§36] In
General.
<d3.o n="2. [§37] Rule
Against Accumulations.
<d3.o n="3. [§38] Definiteness
of Purpose.
<d2.o n="F. Beneficiary of Private Trust.
<d3.o n="1. [§39] In
General.
<d3.o n="2. [§40] Beneficiaries
Must Be Ascertainable.
<d3.o n="3. [§41] Class or
Trustee's Selection.
<d3.o n="4. [§42] Disclaimer
by Beneficiary.
<d3.o n="5. [§43] Honorary
Trust.
III. TRUSTEES
<d2.o n="A. In General.
<d3.o n="1. [§44] Capacity
and Selection.
<d3.o n="2. [§45] Nonprofit
Charitable Corporation as Trustee.
<d3.o n="3. [§46] Appointment
by Court or Beneficiaries.
<d3.o n="4. [§47] Acceptance.
<d3.o n="5. [§48] Bond.
<d3.o n="6. [§49] Rejection.
<d3.o n="7. [§50] Resignation.
<d3.o n="8. Removal.
<d4.o n="(a) [§51] General
Law and California Cases.
<d4.o n="(b) [§52] Trust Law.
<d3.o n="9. [§53] Vacancy in
Office.
<d3.o n="10. . [§54] Cotrustees.
<d2.o n="B. Compensation and Indemnification.
<d3.o n="1. Compensation.
<d4.o n="(a) [§55] Where
Instrument Does Not Specify.
<d4.o n="(b) [§56] Where
Instrument Specifies.
<d4.o n="(c) [§57] Notice of
Increase.
<d4.o n="(d) [§58] Dual
Compensation as Trustee and Attorney.
<d3.o n="2. Indemnity.
<d4.o n="(a) [§59] In
General.
<d4.o n="(b) [§60] Attorneys' Fees and Costs.
<d2.o n="C. Duties.
<d3.o n="1. In General.
<d4.o n="(a) [§61] Trust Law
Revision.
<d4.o n="(b) [§62] Administration
of Trust.
<d4.o n="(c) Loyalty.
<d5.o n="(1) [§63] General
Law and California Cases.
<d5.o n="(2) [§64] Trust Law.
<d4.o n="(d) [§65] Deal
Impartially With Beneficiaries.
<d4.o n="(e) [§66] Avoid
Conflict of Interest.
<d4.o n="(f) [§67] Control
and Preserve Property.
<d4.o n="(g) [§68] Make
Property Productive.
<d4.o n="(h) [§69] Dispose of
Improper Investments.
<d4.o n="(i) [§70] Keep
Property Separate and Identified.
<d4.o n="(j) [§71] Enforce
Claims and Defend Actions.
<d4.o n="(k) [§72] Use
Special Skills.
<d4.o n="(l) [§73] Delegate
Powers Appropriately.
<d4.o n="(m) [§74] File
Change of Ownership Statement.
<d3.o n="2. Standard of Care.
<d4.o n="(a) [§75] In
General.
<d4.o n="(b) Uniform Prudent Investor Act.
<d5.o n="(1) [§76] General
Law and California Cases.
<d5.o n="(2) [§77] Restatement
and Uniform Act.
<d5.o n="(3) [§78] Law
Revision Commission Report.
<d5.o n="(4) [§79] Nature and
Scope of Rule.
<d5.o n="(5) [§80] Standard
of Care.
<d5.o n="(6) [§81] Duties of
Trustee.
<d5.o n="(7) [§82] Delegation.
<d3.o n="3. Duty To Report and Account.
<d4.o n="(a) In General.
<d5.o n="(1) [§83] General
Law and California Cases.
<d5.o n="(2) [§84] Law
Revision Commission Report.
<d4.o n="(b) Duty To Report to Beneficiaries.
<d5.o n="(1) [§85] Scope of
Requirement.
<d5.o n="(2) [§86] Notice of
Changes Affecting Irrevocable Trust.
<d4.o n="(c) Duty To Account to Beneficiaries.
<d5.o n="(1) [§87] Scope of
Requirement.
<d5.o n="(2) [§88] Contents
of Account.
<d4.o n="(d) [§89] Exceptions
to Duties To Report and Account.
<d2.o n="D. Powers.
<d3.o n="1. In General.
<d4.o n="(a) [§90] Law Revision
Commission Report.
<d4.o n="(b) [§91] Nature and
Scope of Powers.
<d4.o n="(c) [§92] Incidental
Powers.
<d4.o n="(d) Deviation From Trust Restrictions.
<d5.o n="(1) [§93] In
General.
<d5.o n="(2) [§94] When
Deviation Will Be Denied.
<d3.o n="2. Discretionary Powers.
<d4.o n="(a) [§95] In
General.
<d4.o n="(b) Where Absolute Power Is Conferred.
<d5.o n="(1) [§96] California
Cases.
<d5.o n="(2) [§97] Trust Law.
<d4.o n="(c) [§98] Power To
Invade Corpus.
<d4.o n="(d) [§99] Use of
Power To Discharge Holder's
Obligations.
<d3.o n="3. Specific Powers.
<d4.o n="(a) Property.
<d5.o n="(1) [§100] Collecting
and Holding Property.
<d5.o n="(2) [§101] Purchase,
Sale, and Exchange.
<d5.o n="(3) [§102] Management,
Maintenance, and Development.
<d5.o n="(4) [§103] Leases
and Encumbrances.
<d4.o n="(b) [§104] Participating
in Business.
<d4.o n="(c) [§105] Investments.
<d4.o n="(d) Deposits.
<d5.o n="(1) [§106] In
General.
<d5.o n="(2) [§107] Deposit
in Affiliated Institution.
<d4.o n="(e) [§108] Corporate
Shares and Memberships.
<d4.o n="(f) [§109] Securities.
<d4.o n="(g) [§110] Borrowing
Money.
<d4.o n="(h) [§111] Payment,
Settlement, and Release of Claims.
<d4.o n="(i) [§112] Payment
of Taxes and Expenses.
<d4.o n="(j) [§113] Loans and
Distributions to Beneficiaries.
<d4.o n="(k) [§114] Hiring
Agents.
<d4.o n="(l)
[§115] Actions and Proceedings.
4. [§116]
Notice of Proposed
Action.
<d2.o n="E. Liability to Beneficiaries.
<d3.o n="1. Liability for Breach of Trust.
<d4.o n="(a) [§117] What
Constitutes Breach of Trust.
<d4.o n="(b) [§118] Liability
for Acts of Agent.
<d4.o n="(c) [§119] Liability
for Acts of Cotrustee.
<d4.o n="(d) [§120] Liability
for Acts of Predecessor.
<d3.o n="2. Remedies for Breach of Trust.
<d4.o n="(a) [§121] In
General.
<d4.o n="(b) [§122] Compelling
Performance of Duty.
<d4.o n="(c) [§123] Enjoining
Threatened Breach.
<d4.o n="(d) [§124] Action
for Damages.
<d4.o n="(e) [§125] Receiver
or Temporary Trustee.
<d4.o n="(f) [§126] Removal
of Trustee.
<d4.o n="(g) [§127] Setting
Aside Action of Trustee.
<d4.o n="(h) [§