Section 2
In this Act —
“obligation” includes every duty enforceable by law;
“settlement” means any instrument (other than a will or codicil)
whereby the destination or devolution of successive interests in movable or immovable property is disposed of or is agreed to be disposed of;
“trust” includes every species of express, implied or constructive fiduciary ownership;
“trustee” includes every person holding, expressly, by implication or constructively, a fiduciary character.
Illustrations
(a)
Z. bequeaths land to A., “not doubting that he will pay thereout an annuity of $1,000 to B. for his life.” A. accepts the bequest. A. is a trustee, within the meaning of this Act, for B., to the extent of the annuity.
(b)
A. is the legal, medical or spiritual adviser of B. By availing himself of his situation as such adviser, A. gains some pecuniary advantage which might otherwise
Specific Relief 8
have accrued to B. A. is a trustee for B., within the meaning of this Act, of such advantage.
(c)
A., being B.’s banker, discloses, for his own purpose, the state of B.’s account. A. is a trustee, within the meaning of this Act, for B., of the benefit gained by him by means of such disclosure.
(d)
A., one of several partners, is employed to purchase good for the firm. A., unknown to his co-partners, supplies them, at the market-price, with goods previously bought by himself when the price was lower, and thus makes a considerable profit. A. is a trustee, for his co-partners, within the meaning of this Act, of the profit so made.
(e)
A., the manager of B.’s indigo-factory, becomes agent for C., a vendor of indigo-seed, and receives, without B.’s assent, commission on the seed purchased from
C. for the factory. A. is a trustee, within the meaning of this Act, for B., of the commission so received.
(2)
All words occurring in this Act, which are defined in the
Contracts Act (Chapter 106), shall be deemed to have the meanings respectively assigned to them by that Act.
Savings.