Land Trust Certificate of Equitable Ownership - 1938 dated Bond

"1/800ths equitable ownership and beneficial interest in certain parcels of real estate"'. Printed by Goes. A trust constitutes a legal arrangement wherein the proprietor of property or any transferable right assigns it to another individual for management and utilization exclusively for the advantage of a specified individual. Under English common law, the individual who transfers the property is referred to as the "settlor," the individual to whom it is assigned is termed the "trustee," the individual benefiting from the property is called the "beneficiary," and the property entrusted is identified as the "corpus" or "trust property." A testamentary trust is an irrevocable trust that is established and funded according to the stipulations of a deceased individual's will, while an inter vivos trust is created during the lifetime of the settlor. The trustee acts as the legal owner of the assets held in trust for the benefit of the trust and its beneficiaries, who are considered the equitable owners of the trust property.

Trustees are obligated by fiduciary duty to manage the trust in favor of the equitable owners and must provide regular reports detailing trust income and expenditures. A court with appropriate jurisdiction has the authority to remove a trustee who fails to uphold their duties, with certain breaches potentially subject to criminal prosecution. A trustee may be an individual, a business entity, or a public organization. In the United States, trusts may be liable for both federal and state taxes. The trust operates under the conditions established at its inception, typically necessitating a contractual trust agreement or deed. It is feasible for a single person to fulfill multiple roles within the trust structure, and for several individuals to occupy a single role. For instance, in a living trust, it is common for the grantor to serve as both trustee and lifetime beneficiary while designating other contingent beneficiaries.