David Josiah Brewer

“ Undoubtedly the owner or real estate can specifically appropriate rents and profits to a named purpose, or create a trust in them separate and apart from the title to the real estate; but where the manifest object is security, and the title is conveyed, the mere direction to appropriate the rents and profits to the payment of the debt will not relieve the realty from the burden of the lien or limit the latter solely to the rents and profits. The test is, the manifest purpose. Is that merely to dispose of the rents and profits, or is it to grant security for an indebtedness? ”

“ That nothing was done by him after this was not because of any repudiation of the trust, but simply from a lack of means. His inaction under the circumstances amounts to nothing further than this: that the continued failure to realize rents, issues, and profits justified an appeal to the courts to subject the realty itself to the satisfaction of the claims. ”

“ But the transaction evidenced by these instruments was independent of the loan. It was an arrangement of the agent with respect to his compensation for services, and does not change the contract made by the two deeds and the declaration. ”