Duncan v. Jaudon
Supreme Court of the United States
Appeal from a decree of the Circuit Court for the Southern District of New York. The case was thus: In. 1833 Commodore William Bainbridge, a resident of Philadelphia, died, leaving four daughters, one of whom was Mary T. B., subsequently the wife of Charles Jaudon.
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Appeal from a decree of the Circuit Court for the Southern District of New York. The case was thus: In. 1833 Commodore William Bainbridge, a resident of Philadelphia, died, leaving four daughters, one of whom was Mary T. B., subsequently the wife of Charles Jaudon. By his will he left to two trustees a considerable sum of money, directing them to invest the same in the stocks of the United States, or the stocks or funds of any individual State, and to hold the same in trust for his several daughters; one-fourth for his daughter Mary, the interest to be paid to her, “ for her sole use and…
1Opinion of the CourtJustice Davis
It is too plain for controversy that Samuel Jaudon committed a gross breach of trust in allowing t.he shares of stock in the Delaware and Raritan Canal Company to be disposed of and applied in the manner they were; but as he is insolvent, and the specific property cannot be reclaimed, the inquiry arises whether the appellants, with whom the shares were pledged and for whose benefit they were sold, or the cestui que trust, shall bear the loss occasioned by his misconduct.
It is argued that the appellants bear a different relation to this stock from what would be the case if the investment in it…
2Cited by76 opinions
- National Bank v. Insurance Co.Supreme Court of the United States · 1881
- Seminole Nation v. United StatesSupreme Court of the United States · 1942
- Bischoff v. . Yorkville BankNew York Court of Appeals · 1916
- Allen v. Puritan Trust Co.Massachusetts Supreme Judicial Court · 1912
- First National Bank of Paterson v. National Broadway BankNew York Court of Appeals · 1898
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