The Home Library of Law; Domestic Relations and Wrongs Volume 6

The Home Library of Law; Domestic Relations and Wrongs Volume 6

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1905 edition. Excerpt: ...to be secured by a bond given by a guardian for the faithful execution of his trust and discreet management of the property."1 24. A guardian ought not mingle the ward's funds with his own in the same bank account. Happily for the ward, should his guardian violate this plain principle of law, he is a kind of preferred creditor, so to speak, should the bank fail, and may recover money in preference to all other creditors, except those toward whom a special trust relation somewhat like his own exists. His right to recover is complete in all cases whenever the trust property exists, or can in any form be identified. Formerly this principle had less value for the reason that after the misappropriation of a trust fund too often it could not be recovered because it no longer existed. But since the adoption of the modem conception of a trust fund5 including the original property or any other that has been substituted therefor, there is a greater opportunity for 'Ellis v. Proprietors, 2 Pick., 243. recovering the trust fund in the event of the depositor's failure; consequently a ward recovers with increasing frequency the property misapplied or misused by his guardian. Some courts adopt a less stringent doctrine and do not subject the guardian to a loss whenever he has acted in good faith. Cases have happened, therefore, in which a guardian has put the money of his ward in his own name, not with the view of committing any fraud or to gain any personal advantage, but it may be with the expectation that in some way the ward would be the gainer, perhaps be subject to less taxation. Some of the courts have decided that a guardian who thus acts in good faith, and with no intention of wronging his ward, cannot be held personally liable. A guardian who...show more

Product details

  • Paperback | 46 pages
  • 189 x 246 x 3mm | 100g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236507665
  • 9781236507662