Margulies v. Manufacturers Trust Co.

We find that the complaint herein states a cause of action at law. The general rule is that as to an existing trust the cestui que trust must sue in equity when he complains against the trustee with relation to matters concerning the performance of the trust. There are, however, instances when a personal action may be maintained at law for damages under such circumstances. One *565such instance is where the breach of a specific covenant of the trust agreement resulting in damages is claimed. The gravamen of the present complaint is that the trustee failed to sell certain collateral under…