Where, by the terms of a trust, the fund is directed to be vested in a particular manner till the period arrives at which it is to be appropriated, this is called a”directory trust.” It is distinguished from a discretionary trust, in which the trustee has a discretion as to the management of the fund. Deaderick v. Cantrell, 10 Yerg. 272, 31Am. Dec. 570.
What is DIRECTORY TRUST?
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