Items related to A Digest of the laws of England respecting real property...
Synopsis
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. 1818 Excerpt: ...the trust property, at an appraisement; and afterwards renewed it in his own name. Decreed, that he should be a trustee only, and account for what he purchased. Davison v. Gardner, MSS. R. 1743. (See Mat-thews T. Killick v..Flt-xncv, 4 Bro. R. 161. (I Johns. Cha. Rep. 36.) 51. In a subsequent case it was held, there was no general rule that a trustee to sell should not himself be the purchaser; but he should not thereby acquire a profit. 52. An estate was conveyed to six persons, in trust to sell ichcote for the benefit of creditors. The estate was put up to auction, 3 Ves. Jun.' And purchased by one of the trustees, who afterwards sold it at a 'jfprofit. Upon a bill filed by some of the creditors, praying Bryson, that this purchase by the trustee might be for the benefit 3 B"m-59) of the creditors; Lord Rosslyn said, it was a plain point of equity, and a principle of clear reasoning, that he who undertakes to act for another in any matter, shall not, in the #537 same matter, act for himself. Therefore a trustee to sell shall not gain any advantage by being himself the person to buy. He is not acting with that want of interest, that total absence of temptation, that duty imposed upon him, that he shall gain no profit. The consequence is beyond doubt, that in whatever shape that profit redounds to him, whether by management, which is the common way, or by superior good fortune, it is not fit that benefit should remain in him. It ought to he communicated to those whose interests, being put under his care$ afforded him the means of gaining that advantage. The trustee was decreed to account for the profits, with costs. 53. In another case it was resolved, that where a trustee purchases the trust estate, however fair the transaction, it must be subject to a...
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