(Download) "Adams V. Cook" by Supreme Court Of California In Bank * eBook PDF Kindle ePub Free
eBook details
- Title: Adams V. Cook
- Author : Supreme Court Of California In Bank
- Release Date : January 12, 1940
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 56 KB
Description
CURTIS, J. The real property which is the subject of this action was on September 4, 1913, conveyed in trust to Title Insurance and Trust Company, as trustee, and on the 17th day of September, 1913, a declaration of trust was executed whereby the Title Insurance and Trust Company agreed to hold said real property for the purpose of selling the same at any time prior to June 1, 1916, at a gross price of not less than one dollar and fifty cents ($1.50) per square foot, and provided further that if it was unable to sell said real property prior to that date for this price, it could sell the same for such lesser sum as it might deem to be for the best interest of the beneficiaries. The trustee was given power to lease or rent said real property for such price and on such terms and conditions as it might deem best " subject to the sale of said property under the conditions of this trust ". The proceeds of sale or lease of the property were to be applied to pay trustee's costs, fees, expenses, real estate commissions and taxes, and the balance to be divided into 250 shares and paid to "the owners of certificates of beneficial interest issued and to be issued by said trustee representing the ownership of the balance of such proceeds of sale". The trust further provided that the trustee in all other matters connected with the trust should act upon the written order of the owners of at least two-thirds of the beneficial interest, said order to be binding on all beneficiaries. The trust was not to terminate until all the costs, fees and expenses of the trustee are paid. At the time the trust was created, it was the intention of those creating the trust to sell the property, but no purchaser could be found who
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