The Victorian Reports Volume 25

The Victorian Reports Volume 25

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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. 1900 edition. Excerpt: ...a mis-investment. Counsel referred to Falling/lam v. Harbison (_q) and W allure '. Wallace (h). lVr1igull--, '1'l1e Court will not be astute and ingenious to discover and support that construction of a trust deed which will make a trustee personally liable where nothing morally wrong is alleged, but will, as far as possible, uphold the trustee: Speight v. Gaunt (i); Cocks v. Chapman (lo). Where a trustee I899 has fallen into a trap by the use in a document of words for W11-I-8 7. which both parties are responsible, the plaintiff must prove his Tim case very clearly. In this clause the words are not "pending:3rxnEl;?f;' ., investment," nor have they that meaning. The words give the "D Aoascr trustee a discretion to abstain from investing on mortgage for COMPANY any period he may think advisable, and to put the money during Limmm such period in n. bank without incurring liability. The only M"'d"'"'C"" cases where a trustee has been held liable are cases of non-investment where he had a duty to continuously invest in aprescribed way. The question then is, did the trustee keep the money in the bank longer 'than was necessary in the circumstances? This clause in effect says that the liability that ordinarily attaches to a trustee shall not attach to him in this case. In view of this clause the defendant company could have been attacked with much more force had it allowed the money to lie idle without investment. This clause excuses non-investment on mortgage by the trustee during such period as he thinks fit. See Hutckings v. Snowden This clause must carry the matter further than would have been the case if the clause were not in the deed at all. Again, there was no breach of...
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Product details

  • Paperback | 282 pages
  • 189 x 246 x 15mm | 508g
  • United States
  • English
  • black & white illustrations
  • 1236877101
  • 9781236877109