Chandler v. Preston
Michigan Supreme Court
Appeal from Alpena; Emerick, J. Bill by Merritt Chandler and another against Thad B. Preston and another for the removal of defendant Preston as trustee, for the termination of the trust, and for an accounting. George E. Nichols intervened, claiming an interest under a contract with defendant Preston. From the decree rendered, all parties appeal. This is a bill for the removal of a trustee.
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Appeal from Alpena; Emerick, J. Bill by Merritt Chandler and another against Thad B. Preston and another for the removal of defendant Preston as trustee, for the termination of the trust, and for an accounting. George E. Nichols intervened, claiming an interest under a contract with defendant Preston. From the decree rendered, all parties appeal. This is a bill for the removal of a trustee. It prays also for an accounting, for the termination, of the trust, and for the reconveyance of the trust property to the plaintiff Merritt Chandler. By agreement of the parties during the trial, the…
1Opinion of the CourtKuhn, J.
(after stating the facts). 1. The relation of trustee and cestui que trust between Mr. Preston and Mr. Chandler began with the execution of the trust deed and agreement. During the preliminary negotiations no such relation existed. The parties were strangers to each other, and were dealing at arm’s length. Mr. Preston was under no obligation whatever to assume the trust, and the only appeal the proposition had for him was from the standpoint of a business venture. It involved some risk on his part. The essential feature of the transaction was his agreement to finance the trust estate for the…
2Cases cited9 opinions
- Chicago & N. W. Ry. Co. v. WilcoxCourt of Appeals for the Eighth Circuit · 1902
- Adams Mining Co. v. SenterMichigan Supreme Court · 1872
- Weatherby v. Kent Circuit JudgeMichigan Supreme Court · 1916
- Taylor v. FordCalifornia Supreme Court · 1901
- Detroit & Northern Michigan Building & Loan Ass'n v. OramMichigan Supreme Court · 1918
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3Cited by3 opinions
- Foster v. Ypsilanti Savings BankMichigan Supreme Court · 1941
- Cromwell v. CurtisCourt of Appeals for the Second Circuit · 1938
- Ford Motor Co. v. BlairMichigan Supreme Court · 1932