ARTICLE IV. RIGHTS OF TRUSTEES. SECTION 1205. Indemnification of trustee. 1206. Compensation of trustee. cation of S1205. A trustee is entitled to the repayment, out Indemnif of the trust property, of all expenses actually and trustee. properly incurred by him in the performance of his trust. He is entitled to the repayment of even unlawful expenditures, if they were productive of actual benefit to the estate.2 'Glover v. Holley, 2 Bradf., 291; Worrall v. Harford, 8 2 Duffy v. Duncan, 32 Barb., 587. tion of S1206. When a declaration of trust is silent upon Compensa the subject of compensation, the trustee is entitled trustee. to the same compensation as an executor.1 If it specifies the amount of his compensation, he is entitled to the amount thus specified, and no more. If it directs that he shall be allowed a compensation, but does not specify the rate or amount, he is entitled to such compensation as may be reasonable under the circumstances.3 1 Meacham v. Sternes, 9 Paige, 398; Wagstaff v. Lowerre, Formerly no compensation was allowed (Green v. Winter, 1 Johns. Ch., 26; Manning v. Manning, Id., 527; Ormsby's case, 1 Ball Meacham v. Sternes, 9 Paige, 398. trustee. S1207. An involuntary trustee, who becomes such Involuntary through his own fault, has none of the rights mentioned in this article. ARTICLE V. Trust, how extinguished. Not revocable. Trustee's office, how vacated. Trustee, how discharged. TERMINATION OF THE TRUST. SECTION 1208. Trust, how extinguished. 1209. Not revocable. 1210. Trustee's office, how vacated. 1212. Removal by supreme court. $1208. A trust is extinguished by the entire fulfillment of its object, or by such object becoming impossible or unlawful. So as to real trusts (1 R. S., 730, § 67; Matter of Craig, 1 Barb., 33; Matter of De Kay, 4 Paige, 403), and doubtless as to personal trusts. $1209. A trust cannot be revoked by the trustor after its acceptance, actual or presumed, by the trustee and beneficiaries, except by the consent of all the beneficiaries, unless the declaration of trust reserves a power of revocation to the trustor, and in that case the power must be strictly pursued. See Diefendorf v. Spraker, 10 N. Y., 246; Petre v. Espinasse, 2 Myl. & K., 496. S1210. The office of a trustee is vacated: 1. By his death; or, 2. By his discharge. S 1211. A trustee can be discharged from his trust only as follows: 1. By the extinction of the trust; 2. By the completion of his duties under the trust; 3. By such means as may be prescribed by the declaration of trust; 4. By the consent of the beneficiary, if he has capacity to contract; 5. By the judgment of a competent tribunal, in a direct proceeding for that purpose, that he is of unsound mind; or, 6. By the supreme court. He cannot resign of his own mere will (Diefendorf v. by supreme S1212. The supreme court may remove any trus- Remova tee who has violated or is unfit to execute the trust. court. 1 R. S., 730, § 70; People v. Norton, 9 N. Y., 176. This ARTICLE VI. SUCCESSION OR APPOINTMENT OF NEW TRUSTEES. SECTION 1213. Vacant trusteeship filled by court. 1214. Survivorship between co-trustees. trusteeship filled by court. S1213. The supreme court may appoint a trustee Vacant whenever there is a vacancy, and the declaration of trust does not provide a practicable method of appointment. See 1 R. S., 730, § 71; Leggett v. Hunter, 19 N. Y., 459. $1214. On the death,' renunciation or discharge3 of one of several co-trustees, the trust survives to the others. 'Lewin on Trustees, 299; Belmont v. O'Brien, 12 N. Y., Matter of Van Schoonhoven, 5 Paige, 559; De Peyster v. Clendining, 8 id., 295. Matter of Crossman, 20 How. Pr., 350. $ 1215. When a trust exists without any appointed trustee, or where all the trustees renounce, die or are discharged, the supreme court must execute the trust until another trustee is appointed. This is the rule as to real trusts (1 R. S., 730, § 68). Survivortween co ship be trustees. Supreme trustee. court as Agency, what. DEFINITION OF AGENCY. SECTION 1216. Agency, what. 1217. Who may appoint and who may be an agent. 1218. Agents, general or special. 1219. Agency, actual or ostensible. 1220. Actual agency. 1221. Ostensible agency. S1216. An agent is one who represents another, called the principal, in dealings with third persons. Such representation is called agency. S1217. Any person, having capacity to contract, may appoint an agent; and any person may be an agent.2 Who may who may be appoint and an agent. general or S1218. An agent for a particular act or transaction, Agents, is called a special agent. All others are general special. agents. Story Ag., §§ 17-20. S1219. An agency is either actual or ostensible. Agency, actual or ostensible. S 1220. An agency is actual when the agent is Actual really employed by the principal. agency. agency. S 1221. An agency is ostensible when the principal Ostensible intentionally, or by want of ordinary care, causes a third person to believe another to be his agent, who is not really employed by him. ARTICLE II. AUTHORITY OF AGENTS. SECTION 1222. What authority may be conferred. 1223. Agent may perform acts required of principal by Code. 1224. Agent cannot have authority to defraud principal. 1225. Creation of agency. 1226. Consideration, unnecessary. 1227. Form of authority. 1228. Ratification of agent's act. 1229. Ratification of part of a transaction. 1230. When ratification void. 1231. Ratification not to work injury to third persons. 1232. Rescission of ratification. 1233. Measure of agent's authority. 1234. Actual authority, what. 1235. Ostensible authority, what. 1236. Agent's authority as to persons having notice of restrictions 1237. Agent's necessary authority. 1238. Agent's power to disobey instructions. 1239. Authority to be construed by its specific, rather than by its general terms. |