reversed, and the cause is remanded, with directions to proceed in conformity with the views herein expressed. Reversed and remanded."

A trust for the propagation of a religious belief, however, which is in violation of the criminal laws of the State or country would be void; and the same is probably the law in the case of property left in trust for the purpose of promoting infidelity.*

SECTION 23. USES FOR EDUCATIONAL PURPOSES.

Uses for educational purposes of every description are clearly valid." The court, in passing upon the validity of educational gifts, is not concerned with the truth or falsity of the opinions sought to be taught, so long as they are not hostile to law or morals. Thus a trust for the circulation of writings attacking the right of private property in land, has been upheld.'

SECTION 24. PECULIARITIES IN THE LAW GOVERNING CHARITABLE USES.

The most striking peculiarities in the laws governing charitable uses are found in the fact that the rules against perpetuities and accumulations do not apply and in the application of the special cy pres doctrine.

SECTION 25. THE CY PRES DOCTRINE.

"The word 'cy-pres,' means, 'near,' 'next to'; 'as near as may be.' Where the literal execution of the trusts of a charitable gift is inexpedient or impracticable, a court of equity will execute them, as nearly as it can, according to the original plan. The general principle upon which the court acts is that, if the

Manners vs. Philadelphia Library
Co., 93 Pa. St., 165.
Clement vs. Hyde, 50 Vt., 716.

In re Foveaux, 2 Ch., 201. 'George vs. Braddock, 45 N. ! Eq., 757.

testator has manifested a general intention to give to a charity, the failure of the particular mode in which the charity is to be executed shall not destroy the charity; but, if the substantial intention is charity, the law will substitute another mode of devoting the property to charitable purposes, though the formal intention as to the mode cannot be accomplished."'

SECTION 26. THE RULE AGAINST PERPETUITIES.

It is necessary here to explain the meaning of the rule against perpetuities. The purpose of this rule is to prevent any person from controlling the disposition of his property for longer than a certain period after his death. The rule is that all future estates must vest within a particular life or lives in being at the death of the testator and twenty-one years and a fraction (nine months, the period of gestation) thereafter. If the estate is created or limited by deed inter vivos, the lives in being must be those of persons who are living at the execution of the deed and not merely at the death of the grantor or settlor."

This rule only applies to equitable estates and executory devises, it does not apply to contingent remainders.

SECTION 27. THE RULE AGAINST ACCUMULATIONS.

At first the testator or settlor was allowed to provide for the accumulation of his estate (i. e., the continued adding of the interest to the principal) for the whole period allowed by the rule against perpetuities. This period was later found to be too long,10

Eaton on Equity, Sec. 183, citing
Lord Eldon in Moggridge vs.
Thockwall, 7 Ves., 56.

• Merwin on Equity, Sec. 273.
10 This result was mainly brought
about by the agitation growing
out of the will of one Thellus-

Vol. VII.-13.

son which is described by Merwin as follows:

"Such being the common law, one Thellusson made a will leaving all his property to trustees, directing that it should be converted into one

to permit accumulations to be allowed, and by statute (40 Geo. III, c. 98), it was provided "that accumulations shall not be made except during one of three periods, as the testator or settlor may select, as follows: (1) The life of the settlor himself. (2) Twentyone years from his own death. (3) During the minority of any particular person, living at the time of the settlor's death, who would be entitled to the rents and profits under the deed or will if of full age.

fund, and that the rents and profits should accumulate during the lives of all his sons, and of all his grandsons living at the time of his own death, and then, upon the death of the last survivor, that the whole estate should go to the third generation in a certain specified manner.

He died in 1797

99 11

leaving three sons, three daughters, and £50,000. Accumulations might go on under this will for seventy-five years more, and thus the whole fund might amount in the end to £100,000,000, or $500,000,000. However, the will followed the rule, and it was held valid." 11 Merwin on Equity, Sec. 366.

TRUSTEES.

SECTION 28. APPOINTMENT.

The trustee is ordinarily appointed by the settlor who creates the trust. Equity, however, will never suffer a trust to fail for want of a trustee, and where the settlor fails to appoint a trustee or where a vacancy arises by death, resignation or other cause, a court of equity may appoint a trustee. Under the laws of England and America no one can be compelled to accept an appointment as trustee, and there must be an acceptance of the trust either expressly or by implication.1

SECTION 29. ESTATE OF THE TRUSTEES.

The estate of the trustee is determined as to its extent by the extent of the interest of the cestui que trust. If the legal estate of the trustee is less in quantity than the equitable estate of the cestui que trust, it will be enlarged sufficiently to enable the trustee to perform the purposes of the trust. If the estate of the trustee is greater than is necessary for the purposes of the trust there will be a resulting trust back to the trustee as to the residue.

SECTION 30. DUTIES OF TRUSTEES.

The first duty of a trustee is to reduce all of the trust property to his possession. If there are notes, bonds, other choses in action, the parties in any way interested should be notified. Any improper species

1 This of course does not apply in the case or resulting or constructive trusts.

2 Judson vs. Corcoran, 17 How., 614; Barney vs. Douglass, 19 Vt., 98.

of securities or property should be sold as quickly as practical.

Having reduced the trust property to his possession, the next duty of the trustee is to keep such property safely, and to invest all the trust funds."

The income of the trust estate, of whatever character, must be carefully collected and preserved.

SECTION 31. DEGREE OF CARE, SKILL AND GOOD FAITH REQUIRED.

The trustee is only held liable for the exercise of a reasonable degree of skill, ability, and energy, but is required to exercise the highest possible degree of good faith.