Marr v. Marr
New Jersey Court of Chancery
The bill is filed by complainant, as a stockholder of Beacon Land Company, in behalf of himself and other stockholders, to set aside a sale made by the sheriff of Ocean county to defendant William A. Marr under an execution issued on a judgment held by defendant Marr against the land company.
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The bill is filed by complainant, as a stockholder of Beacon Land Company, in behalf of himself and other stockholders, to set aside a sale made by the sheriff of Ocean county to defendant William A. Marr under an execution issued on a judgment held by defendant Marr against the land company. The land company having ceased the transaction of business, and having no organized board of directors, complainant seeks to enforce such rights as could have been appropriately enforced at the instance of the company in behalf of its stockholders. In the year 1898 the Beacon Land Company was indebted to…
1Opinion of the Court
Leaking, V. C.
It is a general principle of equity, firmly established and frequently applied in this court, that if a trustee becomes the purchaser of the trust property, such act is voidable at the instance of the cestui que trust. The rule is adopted from wise considerations of public policy with a view to remove from transactions *799by trust agents the clanger attendant upon the existence of personal interests inconsistent with trust duties. In Staats v. Bergen, 17 N. J. Eq. (2 C. E. Gr.) 554, 559, the learned chief-justice, speaking for the court of errors and appeals, said:
“I think, upon…
2Cases cited5 opinions
- Twin-Lick Oil Co. v. MarburySupreme Court of the United States · 1876
- Hallam v. Indianola Hotel Co.Supreme Court of Iowa · 1881
- Saltmarsh v. SpauldingMassachusetts Supreme Judicial Court · 1888
- Preston v. LoughranNew York Supreme Court · 1890
- Lucas v. FriantMichigan Supreme Court · 1897
3Cited by4 opinions
- Title Insurance & Trust Co. v. California Development Co.California Supreme Court · 1915
- McClean v. BradleyDistrict Court, N.D. Ohio · 1922
- Packer v. DonaldsonCourt of Appeals of Arizona · 1972
- Tiffany v. SmithNew York Supreme Court · 1910