Legal Title is in the Secretary Of State as Trustee Holding Legal Title For Beneficiary of Cestui Que Trust/Estate All

real property !ho"es# in the $% &nion states are in Trust 'y Trustee the Secretary of State !Fiduciary Capacity# in respect to the trust and confidence in(ol(ed in it and the scrupulous good faith and candor )hich it re*uires+ A person ha(ing duty, created 'y his underta-ing, to act pri"arily for another.s 'enefit in "atters connected )ith such under ta-ing+ The Secretary of State of each of the $% &nion states is the Archi(ist of legal titles of the /eople the Beneficiaries of said Cestui Que Trust/Estate+ LE0AL defined1+ That )hich is according to la)+ 2t is used in opposition to e*uita'le, as the legal estate is, in the trustee, the e*uita'le estate in the cestui *ue trust+ 3ide /o)ell on 4ortg+ 2nde5, h+t+ 6+ The party )ho has the legal title has alone the right to see- a re"edy for a )rong to his estate, in a court of la), though he "ay ha(e no 'eneficial interest in it+ The e*uita'le o)ner is he )ho has not the legal estate, 'ut is entitled to the 'eneficial interest+ 7+ The person )ho holds the legal estate for the 'enefit of another is called a trustee8 he, )ho has the 'eneficiary interest and does not hold the legal title, is called the 'eneficiary, or "ore technically, the cestui *ue trust+ 9+ :hen the trustee has a clai", he "ust enforce his right in a court of e*uity, for he cannot sue any one at la), in his o)n na"e8 ; East, 9<=8 > T+ ?+ 7768 ; Saund+ ;$>, n+ ;8 6 Bing+ 6%8 still less can he in such court sue his o)n trustee+ ; East, 9<=+ A La) @ictionary Adapted To The Constitution and La)s of the &nited States of A"erica and of the Se(eral States of the A"erican &nion 'y Aohn Bou(ier ?e(ised Si5th Edition, ;>$B LE0AL ESTATE defined1 One, the right to )hich "ay 'e enforced in a court of la)+ 2t is distinguished fro" an e*uita'le estate, the rights to )hich can 'e esta'lished only in a court of e*uity+ 6 Bou(+ 2nst+ n+ ;B>>+ A La) @ictionary Adapted To The Constitution and La)s of the &nited States of A"erica and of the Se(eral States of the A"erican &nion 'y Aohn Bou(ier ?e(ised Si5th Edition, ;>$B CEST&2 Q&E T?&ST defined1 He )ho has a right to a 'eneficial interest in and out of an estate the legal title to )hich is (ested in another+ 6 :ash'+ ?eal /rop+ ;B7+ The person )ho possesses the e*uita'le right to property and recei(es the rents, issues, and profits thereof, the legal estate of )hich is (ested in a trustee+ Bernards(ille 4ethodist EpisC copal Church (+ Seney, >$ D+A+E*+ 6=;, <B A+ 7>>, 7><8 4oore (+ Shifflett, ;>= Ey+ =, 6;B S+:+ B;9, B;B+ Beneficiary of trust, &l"er (+ Fulton, ;6< Ohio St+ 767, ;<$ D+E+ $$=, $B9, <= A+L+?+ ;;=%+ Blac-.s La) @ictionary Fourth Edition !page 6><# CEST&2 Q&E &SE defined1 He for )hose use and 'enefit lands or tene"ents are held 'y another+ The cestui que use has the right to recei(e the profits and 'enefits of the estate, 'ut the legal title and possession !as )ell as the duty of defending the sa"e# reside in the other+ 6 Bla+Co""+ 77%8 6 :ash'+ ?eal /rop+ <$+ Blac-.s La) @ictionary Fourth Edition !page 6><# F2@&C2A?F defined1 The ter" is deri(ed fro" the ?o"an la), and "eans !as a noun# a person holding the character of a trustee, or a character analogous to that of a trustee, in respect to the trust and confidence in(ol(ed in it and the scrupulous good faith and candor )hich it re*uires+ A person ha(ing duty, created 'y his underta-ing, to act pri"arily for another.s 'enefit in "atters connected )ith such under ta-ng+ As an adGecti(e it "eans of the nature of a trust8 ha(ing the characteristics of a trust8 analogous to a trust, relating to or founded upon a trust or confidence+ A ter" to refer to a person ha(ing duties in(ol(ing good faith, trust, special confidence, and candor to)ards another+ A fiduciary includes such relationships as e5ecutor, ad"inistrator, trustee, and guardian+ ABA Code of Audicial Conduct, Canon 7C!7#!'#+ A la)yer is also in a fiduciary relationship )ith the client+ A person or institution )ho "anages "oney or property for another and )ho "ust e5ercise a standard of care in such "anage"ent acti(ity i"posed 'y la) or contract8 e.g+ e5ecutor of estate8 recei(er in 'an-ruptcy8 trustee+ A trustee for e5a"ple, possesses a fiduciary responsi'ility to the 'eneficiaries of the trust to follo) the ter"s of the trust and the re*uire"ents of applica'le state la)+ A 'reach of fiduciary responsi'ility )ould "a-e the trustee lia'le to the 'eneficiaries for any da"age caused 'y such 'reach+ The status of 'eing a fiduciary gi(es rise to certain legal incidents and o'ligations, including the prohi'ition against in(esting the "oney or property in in(est"ents )hich are speculati(e or other)ise i"prudent+ 4any states ha(e adopted the &nifor" Fiduciaries Act, and &nifor"

4anage"ent of 2nstitutional Funds Act+ Blac-Hs La) @ictionary Si5th Edition !page B6$# F2@&C2A?F CA/AC2TF defined1 One is said to act in a Ifiduciary capacityI or to recei(e "oney or contract a de't in a Ifiduciary capacity,I )hen the 'usiness )hich he transacts, or the "oney or property )hich he handles, is not his o)n or for his o)n 'enefit, 'ut for the 'enefit of another person, as to )ho" he stands in a relation i"plying and necessitating great confidence and trust on the one part and a high degree of good faith on the other part+ The ter" is not restricted to technical or e5press trusts, 'ut includes also such offices or relations as those of an attorney at la), a guardian, e5ecutor, or 'ro-er, a director of a corporation, and a pu'lic officer+ Blac-.s La) @ictionary Si5th Edition !page B6$# F2@&C2A?F BOD@ defined1 Type of surety 'ond re*uired 'y court to 'e filed 'y trustees, ad"inistrators, e5ecutors, guardians, and conser(ators to insure proper perfor"ance of their duties+ Blac-.s La) @ictionary Si5th Edition !page B6$# F2@&C2A?F @&TF defined1 A duty to act for so"eone elseHs 'enefit, )hile su'ordinating oneHs personal interests to that of the other person+ 2t is the highest standard of duty i"plied 'y la) !e.g., trustee, guardian#+ Blac-.s La) @ictionary Si5th Edition !page B6$# ACT OF STATE defined1 An act done 'y the so(ereign po)er of a country, or 'y its delegate, )ithin the li"its of the po)er (ested in hi"+ An act of state cannot 'e *uestioned or "ade the su'Gect of legal proceedings in a court of la)+ Blac-.s La) @ictionary Fourth Edition !page 99# A?CH23ES defined1 Ancient charters or titles, )hich concern a nation, state, or co""unity, in their rights or pri(ileges+ The place )here the archi(es are -ept 'ears the sa"e na"e+ Aaco', L+ @+ h+t+8 4erl+ ?ep+ h+t+ A La) @ictionary Adapted To The Constitution and La)s of the &nited States of A"erica and of the Se(eral States of the A"erican &nion 'y Aohn Bou(ier ?e(ised Si5th Edition, ;>$B A?CH232ST defined1 One to )hose care the archi(es ha(e 'een confided+ A La) @ictionary Adapted To The Constitution and La)s of the &nited States of A"erica and of the Se(eral States of the A"erican &nion 'y Aohn Bou(ier ?e(ised Si5th Edition, ;>$B ACT OF 4AD defined1 E(ery "an of sound "ind and discretion is 'ound 'y his o)n acts, and the la) does not per"it hi" to do any thing against it8 and all acts are construed "ost strongly against hi" )ho does the"+ /lo)d+ ;9%+ 6+ A "an is not only 'ound 'y his o)n acts, 'ut 'y those of others )ho act or are presu"ed to act 'y his authority, and is responsi'le ci(illy in all such cases8 and, in so"e cases, e(en )hen there is 'ut a presu"ption of authority, he "ay 'e "ade responsi'le cri"inally8 for e5a"ple, a 'oo-seller "ay 'e indicted for pu'lishing a li'el )hich has 'een sold in his store, 'y his regular sales"en, although he "ay possi'ly ha(e had no -no)ledge of it+ A La) @ictionary Adapted To The Constitution and La)s of the &nited States of A"erica and of the Se(eral States of the A"erican &nion 'y Aohn Bou(ier ?e(ised Si5th Edition, ;>$B ACT defined1 e(idence+ The act of one of se(eral conspirators, perfor"ed in pursuance of the co""on design, is e(idence against all of the"+ An o(ert act of treason "ust 'e pro(ed 'y t)o )itnesses+ See O(ert+ 6+ The terra+ acts, includes )ritten correspondence, and other papers relati(e to the design of the parties, 'ut )hether it includes unpu'lished )ritings upon a'stract *uestions, though of a -indred nature, has 'een dou'ted, Foster.s ?ep+ ;<> 8 6 Star-+ ?+ ;;B, ;9;+ 7+ 2n cases of partnership it is a rule that the act or declaration of either partner, in furtherance of the co""on o'Gect of the association, is the act of all+ ; /et+ ?+ 7=; $ B+ J Ald+ 6B=+ 9+ And the acts+ of an agent, in pursuance of his authority, )ill 'e 'inding on his principal+ 0reenl+ E(+ Sec+ ;;7+ A La) @ictionary Adapted To The Constitution and La)s of the &nited States of A"erica and of the Se(eral States of the A"erican &nion 'y Aohn Bou(ier ?e(ised Si5th Edition, ;>$B 3AL2@ defined1 An act, deed, )ill, and the li-e, )hich has recei(ed all the for"alities re*uired 'y la), is said to 'e (alid or good in la)+ A La) @ictionary Adapted To The Constitution and La)s of the &nited States of A"erica and of the Se(eral States of the A"erican &nion 'y Aohn Bou(ier ?e(ised Si5th Edition, ;>$B

ACCO&DT defined1 practice+ A state"ent of the receipts and pay"ents of an e5ecutor, ad"inistrator, or other trustee, of the estate confided to hi"+ 6+ E(ery one )ho ad"inisters the affairs of another is re*uired at the end of his ad"inistration to render an account of his "anage"ent of the sa"e+ Trustees of e(ery description can, in general, 'e co"pelled 'y courts of chancery to settle accounts, or other)ise fully e5ecute their trusts+ :here there are no courts of chancery, the courts of co""on la) are usually in(ested )ith po)er for the sa"e purposes 'y acts of legislation+ :hen a party has had the property of another as his agent, he "ay 'e co"pelled at co""on la) to account 'y an action of account render+ 7+ An account is also the state"ent of t)o "erchants or others )ho ha(e dealt together, sho)ing the de'its and credits 'et)een the"+ A La) @ictionary Adapted To The Constitution and La)s of the &nited States of A"erica and of the Se(eral States of the A"erican &nion 'y Aohn Bou(ier ?e(ised Si5th Edition, ;>$B ACCO&DTADT defined1 This )ord has se(eral significations1 ;+ One )ho is (ersed in accounts8 6+ A person or officer appointed to -eep the accounts of a pu'lic co"pany8 7+ He )ho renders to another or to a court a Gust and detailed state"ent of the ad"inistration of property )hich he holds as trustee, e5ecutor, ad"inistrator or guardian+ 3ide ;B 3in+ A'+ ;$$+ A La) @ictionary Adapted To The Constitution and La)s of the &nited States of A"erica and of the Se(eral States of the A"erican &nion 'y Aohn Bou(ier ?e(ised Si5th Edition, ;>$B B?EACH OF @&TF defined1 2n a general sense, any (iolation or o"ission of a legal or "oral duty+ 4ore particularly, the neglect or failure to fulfill in a Gust and proper "anner the duties of an office or fiduciary e"ploy"ent+ E(ery (iolation 'y a trustee of a duty )hich e*uity lays upon hi", )hether )illful and fraudulent, or done through negligence or arising through "ere o(ersight or forgetfulness, is a 'reach of duty+ See DonCsupport+ Blac-Hs La) @ictionary Si5th Edition !page ;><# B?EACH OF CO3EDADT defined1 The nonperfor"ance of any co(enant agreed to 'e perfor"ed, or the doing of any act co(enanted not to 'e done+ Blac-Hs La) @ictionary Si5th Edition !page ;><# B?EACH OF T?&ST defined1 Any act done 'y a trustee contrary to the ter"s of his trust, or in e5cess of his authority and to the detri"ent of the trust8 or the )rongful o"ission 'y a trustee of any act re*uired of hi" 'y the ter"s of the trust+ Also the )rongful "isappropriation 'y a trustee of any fund or property, )hich had 'een la)fully co""itted to hi" in a fiduciary character+ E(ery (iolation 'y a trustee of a duty )hich e*uity lays upon hi", )hether )illful and fraudulent, or done through negligence, or arising through "ere o(ersight and forgetfulness, is a I'reach of trust+I The ter", therefore, includes e(ery o"ission and co""ission in carrying out the trust according to its ter"s, of care and diligence in protecting and in(esting the trust property, and of using perfect good faith+ A (iolation 'y the trustee of any duty, )hich he o)es to the 'eneficiary+ Bruun (+ Han son, C+C+A+ldaho, ;%7 F+6d B>$, B<<+ Blac-Hs La) @ictionary Si5th Edition !page ;><# B?EACH OF T?&ST :2TH F?A&@&LEDT 2DTEDT defined1 Larceny after trust+ State (+ O)ings, 6%$ S+C+ 7;9, 7; S+E+6d <%B, <%=+ Blac-Hs La) @ictionary Si5th Edition !page ;><# Fictio cedit (eritati+ Fictio Guris non est u'i (eritas C Fiction yields to truth+ :here truth is, fiction of la) does not e5ist+