Hill v. Irons

The controlling question is whether the contract of February 3, 1925, created a trust. Did the defendants thereby become trustees of a continuing and subsisting trust?

It is appropriate to first consider the inherent characteristics of a trust.

In Restatement of the Law of Trusts, chapter I, page 6, the following is stated as the definition of trusts:

“A trust, as the term is used in the Restatement of this subject * # * is a fiduciary relationship with respect to property, subjecting the person by whom the property is held to equitable duties to deal with the property for the benefit of another…