Corbin v. . Baker
New York Court of Appeals
Appeal from a judgment of the Appellate Division of the Supreme Court in the first judicial department, entered December 12, 1900, affirming a judgment in favor of plaintiff entered upon the report of a referee. This action is brought to enforce the specific performance by the defendant of his agreement to purchase certain premises in the city of Hew York and the defense is that the plaintiffs were unable to convey a marketable title.
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Appeal from a judgment of the Appellate Division of the Supreme Court in the first judicial department, entered December 12, 1900, affirming a judgment in favor of plaintiff entered upon the report of a referee. This action is brought to enforce the specific performance by the defendant of his agreement to purchase certain premises in the city of Hew York and the defense is that the plaintiffs were unable to convey a marketable title. The premises were formerly a part of the property of James Cordon Bennett Sr., who died in 1872, leaving two children, James Cordon Bennett Jr. and Jeannette…
1Opinion of the CourtGray, J.
I think that this case is not within the operation of the rule, upon which the appellant relies, making a trustee’s purchase of trust property voidable at the instance of the cestui gue trust, unless permission for the purchase had been applied for and granted by the court. The rule has been long established and is founded upon the equitable doctrine that a person occupying a position of trust should not be allowed to become a purchaser of the trust property, because of the danger, in such a case, that the interests of the beneficiary might be prej udiced. In the conflict of self-interest,…
2Cases cited3 opinions
- Fulton v. . WhitneyNew York Court of Appeals · 1876
- Scholle v. . ScholleNew York Court of Appeals · 1886
- De Caters v. Le Ray De ChaumontNew York Court of Chancery · 1831
3Cited by7 opinions
- Home Federal Savings & Loan Ass'n v. ZarkinIllinois Supreme Court · 1982
- Parish v. . ParishNew York Court of Appeals · 1903
- In re Scarborough Properties Corp.New York Court of Appeals · 1969
- In re the Estate of RothkoNew York Surrogate's Court · 1972
- In re the Accounting of City National Bank of BinghamtonNew York Surrogate's Court · 1946
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