Kelly v. First Minneapolis Trust Co.

Defendant appealed from a judgment. A statement of the facts is unnecessary. The record presents the inquiry whether a trust company can buy from itself securities which it owns for an estate which it holds in trust.

At common law this could not be done. St. Paul Tr. Co. v. Strong, 85 Minn. 1, 88 N. W. 256. When the Strong case was decided in December, 1901, our legislature had not changed the .rule. It was therein stated that had the legislature intended to depart from the common law rule, resting on principles and morals, it would not let its intention rest upon implication but would have…