A Systematic View of the Science of Jurisprudence

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of Trust, according to its general nature or to the special circumstances of its creation. It is also customary to invent a class of Eules, founded on the teachings of ex- perience, for the more minute direction of Trustees, and for the general protection of the Public. These Eules, being of a more or less arbitrary character, embrace the second general object to which the Duties imposed upon Trustees point, though in truth the two objects, — that is, the interests of the Persons for whom the T
...rust is held, and the interests of the Public, — are, for the most part, forwarded by identical means. It is in view of both classes of objects that the English Court of Chancery exercises a most jealous watchfulness over the habits of Trustees in the matter of their mixing up the Trust-funds in their hands with their own Private funds, and, generally, of their confounding their characters as Trustees and as Persons interested on their own behalf. So, likewise, the Court views with suspicion all dealings, not Judicially authorised, in the way of Sales, Mortgages, Guaranties, and the like, of which the subject-matter is Trust-funds.

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