Sholty v. Sholty
Illinois Supreme Court
Appeal from the Circuit Court of McLean county; the Hon. Alfred Sample, Judge, presiding. This is an appeal from a decree of the circuit court of McLean county, on a bill by appellees, Samuel B. F. Sholty,. Edward Sholty, Harry Sholty, Nellie Sholty and Ruby Sholty,. the last four being children of the said' Samuel, (three of whom are minors,) suing by their father, as next friend, against the appellant.
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Appeal from the Circuit Court of McLean county; the Hon. Alfred Sample, Judge, presiding. This is an appeal from a decree of the circuit court of McLean county, on a bill by appellees, Samuel B. F. Sholty,. Edward Sholty, Harry Sholty, Nellie Sholty and Ruby Sholty,. the last four being children of the said' Samuel, (three of whom are minors,) suing by their father, as next friend, against the appellant. The material facts set forth in the bill are, that-on the 8th day of October, 1880, Jacob Sholty died testate in-said McLean county, leaving him surviving, among other children, the said Levi…
1Opinion of the CourtJustice Wilkin
It is very clear, from the evidence in this case, even that of "the appellant himself, that he has a very erroneous conception •of his duty as trustee, or has willfully disregarded that duty. It is the duty of a trustee holding -funds in trust, with no express or implied directions in the instrument creating the trust as to the management of the fund, to invest the same in .good and safe securities. (Willis on Trustees, 125.) He has no right to convert money into land, or land into money, at his pleasure, unless specially authorized. (Kaufman v. Crawford, 9 W. & S. 131.) He has no right to…
2Cases cited1 opinion
- Kaufman v. CrawfordSupreme Court of Pennsylvania · 1845
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- French v. Bellows Falls Savings InstitutionAppellate Court of Illinois · 1896
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