The Juridical Review Volume 16

The Juridical Review Volume 16

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1904 edition. Excerpt: ...had turned out to be insuflicient, sued the trustees for the balance of the debt, and the trustees were held personally liable for sums which, while the pursuer's debt remained unpaid, they had paid over to the testator's son, who was a debtor to the trust, and also for sums which they paid for the support of the testator's widow and children as beneficiaries under the trust. There had been some communication between the creditor and the trustees as to a sale of some of the security subjects and the restriction of the security to what remained, but there was no evidence that the creditor knew of, or consented to, any particular course of trust administration. Lord Wellwood had rejected the claim against the trustees, for the reason which he thus states: ---" In the case which I have put of the creditor not desiring immediate payment, or of the debt not being exigible for a considerable period, I think that, if the trust estate is undoubtedly solvent, and the creditor's security at the time is ample, all that the trustees can fairly be expected to do is to see that reasonable provision is made for ultimate payment." This doctrine of reasonable provision based on the convenient administration of family trusts was emphatically rejected by Lord President Inglis. He pointed out that a creditor with a heritable security might discharge the personal obligation of his debtor, or he might consent to a part of the estate being paid over to beneficiaries, and this consent might be express, or implied from conduct, but otherwise the creditor's right must prevail over the subordinate right of the beneficiary. The averment that the trustees had good ground for believing that the pursuer's debt was more

Product details

  • Paperback | 172 pages
  • 189 x 246 x 9mm | 318g
  • United States
  • English
  • black & white illustrations
  • 1236813197
  • 9781236813190