Rameau A. and Phyllis A. Johnson - Page 46

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           The trust res must be sufficiently described or capable of                                 
           identification that its title can pass to the trustee upon actual                          
           delivery of the trust corpus.  In re Schnitz, 52 Bankr. 951, 955                           
           (W.D. Mo. 1985); Newton v. Wimsatt, 791 S.W. 2d 823, 827 (Mo. Ct.                          
           App. 1990); cf. 1 Restatement, supra sec. 76; Bogert, supra sec.                           
           113, at 323-329.  Thus, only the person who has title or interest                          
           in property can make it the subject matter of a trust.  Buhl v.                            
           Kavanagh, 118 F.2d 315, 320 (6th Cir. 1941); Brainard v.                                   
           Commissioner, 91 F.2d 880, 881 (7th Cir. 1937), affg. 32 B.T.A.                            
           1036 (1935).                                                                               
                  We begin by determining whether the PLRF constituted a trust                        
           fund.  The PLRF was established for the purpose of protecting and                          
           conserving funds for the satisfaction of the Dealerships'                                  
           obligations to purchasers under the VSC's.  The Escrow Trustees                            
           held title to the PLRF accounts in their own names as trustees.                            
           The property to which they took title was distinctly identified                            
           in the Administrator Agreement as comprising all amounts                                   
           deposited by a Dealership plus the accumulated investment income.                          
           PLRF assets could inure to the benefit of a Trustee only to the                            
           extent that:  (1) They were not used to pay claims or refunds                              
           prior to the expiration of the contracts to which they were                                
           attributable; (2) they were not needed to maintain the                                     
           Dealership's account balance at an actuarially safe level; and                             
           (3) they were not otherwise payable to the Dealership or its                               





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