Simmons v. Oliver
Wisconsin Supreme Court
APPEAL from the Circuit Court for Fond dv, Lao County. This is an appeal from a judgment of the circuit court, disallowing certain items of- the account of the appellant, as trustee of William Oliver, and involves simply the question as to whether the trustee, under the circumstances shown in the case, should be held liable for a loss resulting from investments made for the beneficiaries of the trust estate. The facts will sufficiently appear from the opinion.
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APPEAL from the Circuit Court for Fond dv, Lao County. This is an appeal from a judgment of the circuit court, disallowing certain items of- the account of the appellant, as trustee of William Oliver, and involves simply the question as to whether the trustee, under the circumstances shown in the case, should be held liable for a loss resulting from investments made for the beneficiaries of the trust estate. The facts will sufficiently appear from the opinion. They contended, inter alia, that where the investment of trust funds is left to the discretion of the trustee, he is bound to exercise…
1Opinion of the CourtCole, C. J.
M. W. Simmons, as trustee, received the funds mentioned in his account from the former trustee, Smith, to invest and to keep invested for the benefit of the beneficiaries named. The income was to be paid to the widow during her life, and $1,000 was to be paid the children in equal portions when the youngest should arrive at age. No directions were given in the order appointing Simmons as to how the trust funds should be invested. It appears that in 1883 the trustee loaned to the McDonald Manufacturing Company a portion of the fund, taking its indorsed note, which note was taken up in…
2Cases cited1 opinion
- Ackerman v. EmottNew York Supreme Court · 1848
3Cited by15 opinions
- Harrigan v. GilchristWisconsin Supreme Court · 1904
- Penn v. FoglerIllinois Supreme Court · 1899
- Pabst v. GoodrichWisconsin Supreme Court · 1907
- Harrison v. First Wisconsin Trust Co.Wisconsin Supreme Court · 1926
- Mattocks v. MoultonSupreme Judicial Court of Maine · 1892
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