Marshall v. Meyers
Missouri Court of Appeals
Appeal from Livingston Cirenit Court — Hem. J. W. Alexander, Judge. (1) We claim that the court committed error in holding that the executor was without power to sell or dispose of the note as a trustee. We say that by the terms of the will he was, as to this note, a trustee to hold it or its proceeds, and had full power to sell, or collect, or reinvest.
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Appeal from Livingston Cirenit Court — Hem. J. W. Alexander, Judge. (1) We claim that the court committed error in holding that the executor was without power to sell or dispose of the note as a trustee. We say that by the terms of the will he was, as to this note, a trustee to hold it or its proceeds, and had full power to sell, or collect, or reinvest. A purchaser in good faith of such a note from the trustee takes the title thereto and is not bound by the acts of the trustee with reference to the purchase money paid. Mason v. Bank, 16 Mo. App. 275; Mason v. Bank, 90 Mo. 452. Gale v.…
1Opinion of the CourtEllison, J.
This action is based on a promissory note. The trial court sustained a demurrer to the evidence and the plaintiff duly appealed.
It appears that in 1890, in the lifetime of William Maberry, the “Avalon College” borrowed of him one thousand dollars, due in four years, with eight per cent interest per annum. The note was signed officially by the chairman and secretary of the board of trustees, as well as by several others, apparently in their individual capacity. Maberry died in 1895, and left a will, referring therein to said note as the “Avalon College note” and appointing his grandson, Albert…
2Cases cited13 opinions
- Scott v. WestWisconsin Supreme Court · 1885
- State ex rel. Wolff v. BerningSupreme Court of Missouri · 1881
- Stagg v. LinnenfelserSupreme Court of Missouri · 1875
- White v. Massachusetts Institute of TechnologyMassachusetts Supreme Judicial Court · 1898
- Keplinger v. MaccubbinCourt of Appeals of Maryland · 1882
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3Cited by5 opinions
- Shelton v. McHaneySupreme Court of Missouri · 1936
- Morrow ex rel. Gross v. MorrowMissouri Court of Appeals · 1905
- Van Hoose v. Southwestern Machinery Co.Missouri Court of Appeals · 1913
- Vandeventer v. Florida Savings BankMissouri Court of Appeals · 1911
- Ellis v. HartmusOregon Supreme Court · 1924