Jones v. Dexter
Massachusetts Supreme Judicial Court
Bill in equity, by one partner, Jones, against his copartner, Dexter, and two other persons, to settle the affairs of a partnership.
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Bill in equity, by one partner, Jones, against his copartner, Dexter, and two other persons, to settle the affairs of a partnership. The bill alleged that the partnership, at the time of its dissolution in 1861, owned a share in the whaling barque Ocean Rover, then at sea, and in her outfits and catchings, and that in 1862, upon the voyage, the vessel and her cargo were destroyed by the insurgent cruiser Alabama, and this share was not insured ; and that pursuant to a decision of the Court of Commissioners of Alabama Claims, the sum of $1564 had been paid to Dexter in respect of his and the…
1Opinion of the CourtSoule, J.
The general rule is familiar, that a trustee will not be permitted to make a profit out of the trust property; and that *383if he purchases it, even at a public auction, he will hold it for the benefit of the cestui que trust, and, if any profit is made upon it, he must account for it as trustee. Perry on Trusts, § 427. This rule applies to cases where one deals with property as agent for another, and to all those cases in which confidence is reposed, and one has it in his power, in a secret manner, for his own advantage to sacrifice the interests which have been entrusted to him. Story Eq. Jur.…
2Cases cited1 opinion
- Jones v. DexterMassachusetts Supreme Judicial Court · 1878
3Cited by16 opinions
- Anderson v. BeanMassachusetts Supreme Judicial Court · 1930
- Shulkin v. ShulkinMassachusetts Supreme Judicial Court · 1938
- Arnold v. MaxwellMassachusetts Supreme Judicial Court · 1916
- Moore v. RawsonMassachusetts Supreme Judicial Court · 1904
- Atkins v. AtkinsMassachusetts Supreme Judicial Court · 1907
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