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Keywords

plaintifftrustwill
plaintifftrustwill

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Martin v. Funk, 30 Sickels 134, 75 N.Y. 134, 1878 WL 12719, 31 Am.Rep. 446

Facts

In 1866, Mrs. Boone deposited $500 in the Citizens' Savings Bank, declaring it to be in trust for Lillie Willard, the plaintiff. A pass-book was issued to Mrs. Boone, indicating the account was held in trust for Lillie. A similar deposit was made for Kate Willard. Mrs. Boone retained possession of the pass-books until her death in 1875, and neither Lillie nor Kate were aware of the deposits until after her passing. The action was brought against the administrator of Mrs. Boone and the bank for the delivery of the pass-books and recovery of the money.

In 1866, Mrs. Boone deposited $500 in the Citizens' Savings Bank, declaring it to be in trust for Lillie Willard, the plaintiff.

Issue

Did the transaction constitute a valid declaration of trust that effectively transferred the title of the deposits to the beneficiaries?

Did the transaction constitute a valid declaration of trust that effectively transferred the title of the deposits to the beneficiaries?

Rule

To constitute a valid gift, the transfer must be consummated and not remain incomplete; enough must be done to pass the title. A declaration of trust does not require that the property be possessed by the beneficiary or that the beneficiary be informed of the trust.

To constitute a valid gift, the transfer must be consummated and not remain incomplete; enough must be done to pass the title. A declaration of trust does not require that the property be possessed by the beneficiary or that the beneficiary be informed of the trust.

Analysis

The court found that Mrs. Boone's actions in depositing the money in trust for her sisters, along with the issuance of the pass-book, constituted a valid declaration of trust. The retention of the pass-books by Mrs. Boone was deemed consistent with her role as trustee, and the court concluded that her intent to create a trust was clear despite the lack of notice to the beneficiaries.

The court found that Mrs. Boone's actions in depositing the money in trust for her sisters, along with the issuance of the pass-book, constituted a valid declaration of trust.

Conclusion

The court affirmed the judgment in favor of the plaintiff, ruling that the transaction was a valid declaration of trust that passed the title to the deposits.

The court affirmed the judgment in favor of the plaintiff, ruling that the transaction was a valid declaration of trust that passed the title to the deposits.

Who won?

Plaintiff, Lillie Willard, prevailed because the court determined that the transaction constituted a valid declaration of trust, effectively transferring the title of the deposits to her and her sister.

Plaintiff, Lillie Willard, prevailed because the court determined that the transaction constituted a valid declaration of trust.

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