A Practical Treatise on the Law Relating to Trustees, Their Powers, Duties, Privileges, and Liabilities

A Practical Treatise on the Law Relating to Trustees, Their Powers, Duties, Privileges, and Liabilities

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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. 1845 edition. Excerpt: ...non-acting trustee was not answerable for the breach of trust committed by his colleague (d). The question appears to have been treated as one affecting executors, although the duties of paying the annuities and investing the surplus would seem to have clothed the parties with the character of trustees. From the report of the judgment, his Lordship seems to have rested his decision mainly on the fact, of the want of knowledge or acquiescence on the part of the non-acting executor. But it is conceived, that the necessity or at any rate the convenience Part III. of the arrangement, according to which the dividends were suffered to Chapter I be received by the trustee, who acted and was on the spot, would be Sect. 2. quite sufficient to support the decision upon the principle now under discussion. In the same case the non-acting trustee had joined in the sale of a sum of 4501. stock, the proceeds of which were received by the acting trustee alone, and the one who did not act was held clearly responsible for the misapplication of that fund (e). In a very late case before Lord Lyndhurst (f), two co-executors and trustees had concurred in the sale of the testator's stock and also of his real estate, and had both signed the receipts for the purchasemoney, but one of them only received the money, and afterwards became bankrupt, being largely indebted to the trust estate. His Lordship held, that the joint acts were necessary for the due administration of the estate, and that the trustee, who had not received the money, was not answerable for the devastavit committed by his co-trustee (/). The facts in this case however are not stated with sufficient precision in the only report of it, hitherto published, to admit of the extraction of the particular...
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Product details

  • Paperback | 330 pages
  • 189 x 246 x 18mm | 590g
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236591690
  • 9781236591692