"As a general rule, all property, whether real or personal, and whether legal or equitable, may be made the subject of a trust, provided the policy of the law, or any statutory enactment, does not prevent the settlor from parting with the beneficial interest in favor of the intended cestui que trust." 6

3 Kerr vs. Day, 14 Pa. St., 114; Bundy vs. Bundy, 38 N. Y., 410; Dunbar vs. Soule, 129 Mass., 284; Adams vs. Adams, 21 Wall., 186.

4 Trustees vs. King, 12 Mass., 546, In re Newark Sav. Inst., 28 N. J. Eq., 552.

5 Sutton vs. Cole, 3 Pick. 232; Allen vs. Macy, 109 Ind., 559.

"Property not in existence as well as property not owned by the settlor may be the subject of a trust."7

6 Lewin on Trusts, Vol. I, Chapter IV (Charitable Uses. Section 19. In General).

7 Morton vs. Naylor, 1 Hill, 439.