Publisher's Synopsis
Excerpt from The Trust Company Idea and Its Development
It was formerly laid down that corporations could not be trustees. The reason assigned for this rule was that they could not be compelled to execute a trust, for Courts of Equity in decreeing the execution of a trust lay hold upon the conscience, and it is impossible that a body so artificially created could have a conscience. Again, it was said they could not be imprisoned if they refused to obey the rules of the court But these technical rules have long ceased to operate, and to-day in more than one country the trust company is as firmly established as the bank.
It is interesting to note how starting from a common basis, the services of executor and trustee, distinct and totally different types of trust companies have been developed in the British Colonies and the United States re?ecting on the one hand the conservative British character and on the other the versatile and organizing genius of the American people.
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