This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
1 "A trustee may be defined generally as a person in whom some estate, interest or power in or affecting property is vested for the benefit of another." Ogden Ry. Co. v. Wright, 31 Or. 150-153; 49 Pac. 975.
2 Hartley v. Phillips, 198 Pa. St. 9; 47 Atl. 929.
3 Truesdale v. Philadelphia, etc., Co., 63 Minn. 49; 65 N. W. 133.
4 Hanover National Bank v. Cocke, 127 N. C. 467; 37 S. E. 507.
5 Winslow v. Young, 94 Me. 145; 47 Atl. 149.
1 Taylor v. Davis, 110 U. S. 330; Sanders v. Warehouse Co., 107 Ga. 49; 32 S. E. 610; Flournoy v. Johnbond given in a matter outside the estate.2 This rule is sometimes said not to apply to cases where the consideration is of such a. nature as to render the estate liable.3 If power to bind the estate is given to the trustee by the instrument creating the trust, his contracts made by virtue of such provision will bind the estate.4 Power to a trustee by will to carry on business is power to bind the estate by debts thus incurred.5 Power to mortgage authorizes the trustee to bind the estate by a building and loan association contract.6