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24 Three persons only can be legatees who have testamentary capacity, that is, who are legally capable of taking under a will. 25 Formerly it was not allowed to leave either legacies or fiduciary bequests to uncertain persons, and even soldiers, as the Emperor Hadrian decided by rescript, were unable to benefit uncertain persons in this way.
In conscience, Geordie, I think as that thou hast been mine ain auld fiduciary, and wert my goldsmith when I might say with the Ethnic poet Non mea renidet in domo lacunar for, faith, they had pillaged my mither's auld house sae, that beechen bickers, and treen trenchers, and latten platters, were whiles the best at our board, and glad we were of something to put on them, without quarrelling with the metal of the dishes.
If a parent emancipates a son or daughter, a grandson or granddaughter, or other descendant while under the age of puberty, he becomes their statutory guardian: but if at his death he leaves male children, they become fiduciary guardians of their own sons, or brothers and sisters, or other relatives who had been thus emancipated.
We now proceed to fiduciary bequests or trusts; and let us begin with trust inheritances. 1 Legacies or inheritances given by trust had originally no binding legal force, because no one could be compelled against his will to do what he was merely asked to do.
One is that of a local preacher who, during a revival of religion, most earnestly counselled his auditors to exercise "fiduciary" faith; the other, of a learned divine whose appointment in a certain village coincided with the visit of a travelling menagerie. "I perceive," he said, in sensational tones, "that a spirit of German transcendental ratiocination is creeping into the Church."
It observes that there would be some awkwardness in transferring the issue to the Bank of England before the future dimensions of the fiduciary issue have been arrived at; and it suggests that during the transitional period any expansion in Treasury notes that may take place should be covered, not as now, by Government securities, but by Bank of England notes taken from the Bank.
The philosopher of the Revolution of 1688 probably carried its principles further than most of those who helped in the Revolution had any intention to carry them, when he said that "the legislature being only a fiduciary power to act for certain ends, there remains still in the people a supreme power to remove or alter the legislative."
He claims to have had an extensive business experience; to have been the possessor of large wealth; to have been trusted in fiduciary ways; and he comes here and claims compensation for a great outrage, as he alleges, upon his person and his rights; and yet he has not produced a paper that has the signature of any being, living or dead, by which he can sustain the claim he makes.
But a legacy given with a certain demonstration, that is, to an uncertain member of a certain class, was valid, for instance, the following: 'Whoever of all my kindred now alive shall first marry my daughter, do thou, my heir, give him such and such thing. It was, however, provided by imperial constitutions that legacies or fiduciary bequests left to uncertain persons and paid by mistake could not be recovered back.
This too, however, we have corrected, by making such legacies as valid as they would be were they fiduciary bequests, lest in this point the latter should be found to have some superiority over the former. 36 Formerly too the gift, revocation, and transference of legacies by way of penalty was void.
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