The Development of Trust Companies in the United States

Departments of service-Analysis of organization form
of classification of services-Summary of objections to or-
ganization method of classification of trust company serv-
ices-The aggregate of departments of service of trust com-
panies-Administrative departments-A suggested method
of department organization-Functional classification of
services Summary.

Trust distinguished from contract-Two general types

of trusts-First general type of trust the usual one-Crea-

tion of trusts and the parties involved-Classification of

trusts Qualification of the parties to a trust―The subject

matter of a trust-The rule against perpetuities-Sum-

IV. TRUST SERVICES FOR INDIVIDUALS

Executorships and administratorships-The trust com-

pany as executor of the will-Appointment of the trust

company as executor-Probating a will-Assembling the

assets-Inventory of the estate-Assembling claims and

paying debts and taxes-The final accounting of the es-

tate-Administrator — Testamentary trusts — Testamen-

tary guardian of the property of an infant-Court trusts-

Trusts inter vivos, voluntary, or living trusts-Some pur-

poses of living trusts-Duties and liabilities of the trustee-

Extralegal obligations of trust companies as trustees.

Trustee for bondholders under corporate trust deed-

Mortgages and deeds of trusts distinguished-The modern

corporate mortgage-Duties and liabilities of the trustee

of a corporate trust deed-Safeguarding the interests of the

bondholders or the cestuis que trustent-Usual forms of

corporate trust deeds-Summary of duties of trustee for

bondholders-Other trust services for corporations.

VI. TRUST SERVICES FOR INDIVIDUALS OR CORPORA-

TIONS.

Introduction-Assignments and receiverships-Real es-

tate trusts-Trustee under real estate trust deed-

Trustee for real estate subdivisions-Trustee for land trust

certificate holders-The community trust-The investment

trust.

VII. AGENCY SERVICES PERFORMED BY TRUST COM-

PANIES

Introduction-The nature of agency-Agency services
rendered by trust companies for individuals or corporations
-Safe deposit services-Escrow services-Custodian ac-
counts-Financial secretary-Real estate agencies-Agent
for trustees-Other agency services-Agency services per-
formed by trust companies for corporations-Authentica-
tion agencies-Fiscal agencies-Transfer agent and regis-
trar-Agencies in connection with mergers, consolidations,
reorganizations, and voting trusts-Trust companies as
selling agents, or underwriters of security issues.

VIII. INSURANCE AND BANKING SERVICES PER-

FORMED BY TRUST COMPANIES

Introduction-Insurance services performed by trust
companies-Title insurance-Fidelity insurance-Life in-

surance and miscellaneous guarantee services-Banking

and other financial services performed by trust companies

-Bond trading services-Savings banks services-Com-

mercial banking services.

IX. ECONOMIC, SOCIAL, AND POLITICAL ASPECTS OF

TRUST COMPANY SERVICES

Introduction-Trust company services in the realm of

economic activity-The trust company's place in the mod-
ern economic and social structure-Economic aspect of
services performed by trust companies-Trust company as
conservator of private property-Trust company as equity
subdivider or clearing house of equities-Trust company as
stabilizer of investment-Trust company as stabilizer of
enterprise Social aspects of services of trust companies—
Political aspects of services of trust companies.

X. THE HISTORY OF TRUSTEESHIP

Antiquity of trusteeship-History of legal and equitable

concepts of the trust―(1) Before the statute of uses, 1535
-(2) Since the statute of uses, 1535-History of the trust
deed-Summary.

XI. HISTORICAL CONDITIONS ANTECEDENT TO THE

DEVELOPMENT OF TRUST COMPANIES IN THE

UNITED STATES

Corporate fiduciary an institution founded upon the ex-

istence of complex economic order-The colonial period-

The period of expansion-Early efforts to attain contin-

uous trustee-The emergence of a market for corporate

fiduciary services.

XII. CORPORATE FIDUCIARIES IN THE UNITED STATES,

1818-50

The Massachusetts Hospital Life Insurance Company,

1818, Boston-The Farmers' Fire Insurance and Loan

Company, 1822, New York-The Morris Canal and Bank-

ing Company, 1824, New Jersey-Period of prosperity and

growth of the United States, 1830-5, first millionaires in

the United States-New York Life Insurance & Trust

Company, 1830-Attempts to organize other life insurance

and trust companies in New York in the thirties-Banking

and trust companies organized in New York under the Free

Banking Law-Life Insurance and Trust Companies, Con-

necticut, 1833-Connecticut Life & Trust Company, 1833

-The development of inland transportation and growth

of cities in the Ohio valley-Life insurance and trust com-

panies in western states, Ohio, 1834, Alabama, 1836 and

1840-Wild-cat banking and trust company development

-New Jersey Trust and Commission Company, 1836-

Life Insurance and trust companies in Philadelphia, 1836-
50-Life insurance and trust companies in the South-
Baltimore, South Carolina, Georgia, and Florida-Life in-
surance and trust companies in Alabama-Corporate trust
services Summary.