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INTERNAL PROTOTYPE — NOT LEGAL ADVICE — DO NOT SEND

Federated Mortgage Investors v. American Savings & Loan Association, 47 Cal. App. 3d 917 (1975)

Citation
Federated Mortgage Investors v. American Savings & Loan Association, 47 Cal. App. 3d 917 (1975)
Parent Document
Federated Mortgage Investors v. American Savings & Loan Association, 47 Cal. App. 3d 917 (1975)
Jurisdiction
California (state)
Effective Date
1975-05-02

Other Sections in This Document (58)

Full Text

451 chars
In order to create a trust there must be a specific res. It has been stated: “A promise by a debtor to hold the amount owed by him in trust creates no trust, since there is no property right in the debtor that can be the subject of a trust, and the obligor cannot be a trustee of duties owed by himself. Hence the debtor cannot convert his debt into a trust unless he has in his possession and sets aside a fund for that purpose.” (48 Cal Jur.2d 666.)