The first duty of a trustee is to reduce all of the trust property to his possession. If there are notes, bonds, other choses in action, the parties in any way interested should be notified.2 Any improper species of securities or property should be sold as quickly as practical.

1 This of course does not apply in the case or resulting or constructive trusts.

2 Judson vs. Corcoran, 17 How., 614; Barney vs. Douglass, 19 Vt., 98.

Having reduced the trust property to his possession, the next duty of the trustee is to keep such property safely, and to invest all the trust funds.3

The income of the trust estate, of whatever character, must be carefully collected and preserved.