Black’s Law Dictionary 1st Edition, page 1191-1192:
TRUST. An equitable or beneficial right or title to land or other property, held for the beneficiary by another person, in whom resides the legal title or ownership, recognized and enforced by chancery courts.
An obligation upon a person, arising out of a confidence reposed in him, to apply property faithfully, and according to such confidence. Willis, Trustees, c. 1, p. 2.
“A trust, in the general and enlarged sense, is a right on the part of the cestui que trust to receive the profits, and to dispose of the lands in equity.” 4 Kent, Comm. 304.
Classification. Trusts are either expres! or implied,- the former being trllsts wltich are created in so many fit and appropriate terms; the latter being trusts founded on the presuma.lJle, though unexpressed, intention of the party who creates them.
Express trusts are those created aud manifestGd by ag-reement of the parties. Implied trusts ~re sucb us are inferred by law from the nature of the transaction, or tbe conduct o! the parties. Code Ga. 1882, § 2309.
Trusts are also either executed or executory. An executed trust is one which the person creating it has fully and finally declared, whence also it is called a “complete” trust; while an executory trust is one which the person creating it bas not fully or finally declared, but has given merely an outline of it by way of direction to the convayancer. whence also it is called sometimes an “incomplete” and sometimes a “directory” trust. Brown.
Trusts are again classified as special (or active) and simple.(or passive, or dry.) The special trust is where the machinery of a trustee is introduced for the execution of some purpose particularly pointed out, and the trustee is not, as before, a mere passive depositary of the estate, but is called upon to exert himself actively in the execution of the settlor’s intention; as where a conveyance is to trustees upon trust to sell for payment of debts. Lewin, Trusts, 18. A simple