Lovett v. Morey
Supreme Court of New Hampshire
Assumpsit, to recover interest on a legacy given the plaintiff by a will, of which the defendant is executor and residuary legatee. Verdict for the defendant. The testator died in 1881. In 1887 the defendant paid the face of the legacy to the plaintiff, who thereupon assigned it to the defendant, and executed a release under seal of all claims under the will.
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Assumpsit, to recover interest on a legacy given the plaintiff by a will, of which the defendant is executor and residuary legatee. Verdict for the defendant. The testator died in 1881. In 1887 the defendant paid the face of the legacy to the plaintiff, who thereupon assigned it to the defendant, and executed a release under seal of all claims under the will. The plaintiff moved that a verdict be ordered in his favor, on the ground that the defendant, being executor and residuary legatee, had no right or power to buy, and could not lawfully buy, the plaintiff’s legacy, or settle with him for…
1Opinion of the CourtCarpenter, J.
An executor is a trustee for all interested in the estate, as well for creditors as for legatees. Wheeler v. Perry, 18 N. H. 307, 312. A purchase by him of the trust property, at his own sale, is voidable at the election of any one whose interest is affected, without inquiry into the good faith and fairness of the transaction. He cannot act in the double capacity of seller and buyer. Pearson v. Railroad, 62 N. H. 537, 541-544, and cases cited. But this doctrine does not apply to a trustee’s dealings directly with the person for whom he holds the property. “ He may purchase the property of…
2Cases cited1 opinion
- Brown v. CowellMassachusetts Supreme Judicial Court · 1875
3Cited by8 opinions
- Walker v. D'ALESANDROCourt of Appeals of Maryland · 1957
- In re the Estate of GossWashington Supreme Court · 1913
- Hartman v. Public Service CommissionCourt of Appeals of Maryland · 1941
- Strickler v. Board of County CommissionersCourt of Appeals of Maryland · 1966
- City of McPherson v. NicholsSupreme Court of Kansas · 1892
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