Wingate v. Pool
Illinois Supreme Court
The complainant below, filed his bill against E. H. Ridgeway, since deceased, substantially as follows : That Robert Castles, with complainant as his security, executed to the Bank of Illinois, at Shawneetown, two notes, one dated July 3rd, 1841, payable seven months after date, for $770, the other dated August 4th, 1841, payable seven months after date, for $900; that Castles died intestate, about the 25th of September, 1846, leaving said notes unpaid, and his estate in an…
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The complainant below, filed his bill against E. H. Ridgeway, since deceased, substantially as follows : That Robert Castles, with complainant as his security, executed to the Bank of Illinois, at Shawneetown, two notes, one dated July 3rd, 1841, payable seven months after date, for $770, the other dated August 4th, 1841, payable seven months after date, for $900; that Castles died intestate, about the 25th of September, 1846, leaving said notes unpaid, and his estate in an embarrassed and insolvent condition; that Walter B. Scales, by appointment of the probate court of Jefferson county,…
1Opinion of the CourtWalker, J.
It is a familiar rule, that profits arising from the use of a trust fund, or in the discharge of claims against a trust fund, by the trustee, inure to the benefit of the cestui que trust. The plaintiff in error, as administrator, occupied the relation of trustee to the estate, its creditors, and distributees. As such, it was his duty to act for the best interest of the fund in his hands, and to discharge the claim of the bank with the smallest amount that was necessary. As the claim could be paid with bank paper, which was at a discount, it was his duty to avail himself of that advantage, by…
2Cited by13 opinions
- Globe Indemnity Co. v. BruceCourt of Appeals for the Tenth Circuit · 1935
- The People v. BainIllinois Supreme Court · 1934
- Abrams v. SchlarAppellate Court of Illinois · 1960
- Nonnast v. Northern Trust Co.Appellate Court of Illinois · 1939
- Alderson v. Estate of AldersonAppellate Court of Illinois · 1922
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