Abbott's v. Reeves
Supreme Court of Pennsylvania
Certified from the Supreme Court at Nisi Prius This was a bill in equity by Charles H. Abbott, surviving executor of the will of the late Timothy Abbott, deceased, against David Reeves, Samuel J. Reeves, Robert S. Buck, and Samuel Whit taker, late trading as Reeves, Buck & Co., The Girard Bank, The American Eire Insurance Company, and The Pennsylvania Company for Insurance on Lives and Granting Annuities, to compel the restoration and return to the complainant (as the lawful…
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Certified from the Supreme Court at Nisi Prius This was a bill in equity by Charles H. Abbott, surviving executor of the will of the late Timothy Abbott, deceased, against David Reeves, Samuel J. Reeves, Robert S. Buck, and Samuel Whit taker, late trading as Reeves, Buck & Co., The Girard Bank, The American Eire Insurance Company, and The Pennsylvania Company for Insurance on Lives and Granting Annuities, to compel the restoration and return to the complainant (as the lawful representative of 'the estate of the decedent, and as trustee for the legatees interested under the will of the…
1Opinion of the Court
The opinion of the court was delivered, by
Read, J.
The rule in equity is well settled that if a trustee commits a breach of trust by loaning the assets of the trust to a third person, that individual is hound to indemnify the trustee, and if he has the trust property in specie he will be obliged by a court of equity to restore it to the trustee from whom he borrowed it. It is the interest of the cestui que trust that this should be the law, for he then has two securities — the liability of the defaulting trustee, and the trust property itself restored to the person in whose custody the law…
2Cited by7 opinions
- Steinmeyer v. SiebertSupreme Court of Pennsylvania · 1899
- Tracy, Co-Trustees v. Central Tr. Co.Supreme Court of Pennsylvania · 1937
- County of Allegheny v. GrierSupreme Court of Pennsylvania · 1897
- Spivak v. BronsteinSupreme Court of Pennsylvania · 1951
- Goldberg v. WineSupreme Court of Pennsylvania · 1937
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