Taft v. Smith
Massachusetts Supreme Judicial Court
Bill in equity, filed March 2,'1908, for an accounting for certain property alleged to have been held in trust for the plaintiff by the defendant’s testator. The defendant demurred to the bill. The Superior Court overruled the demurrer, and the defendant appealed. The case was referred to a master who made a report, to which the plaintiff waived all exceptions and the defendant all exceptions save one.
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Bill in equity, filed March 2,'1908, for an accounting for certain property alleged to have been held in trust for the plaintiff by the defendant’s testator. The defendant demurred to the bill. The Superior Court overruled the demurrer, and the defendant appealed. The case was referred to a master who made a report, to which the plaintiff waived all exceptions and the defendant all exceptions save one. After the master made his report the defendant filed a motion to dismiss the bill which was denied. The case was submitted to Aiken, J. on the master’s report and the one exception of the…
1Opinion of the CourtHammond, J.
All exceptions to the form of the proceedings having been waived by the defendant, the case is before us on the master’s report; and the first question arising on the merits is whether the investment in the second mortgage was improper. It has long been the rule in this Commonwealth that in making investments, as well as in the general management of the trust, a trustee is held only to good faith and sound discretion, and hence that he cannot be held for the consequences of an error in judgment unless the error is such as to show either that he acted in bad faith or failed to exercise sound…
2Cases cited3 opinions
- Pierce v. PrescottMassachusetts Supreme Judicial Court · 1880
- Pine v. WhiteMassachusetts Supreme Judicial Court · 1900
- Smith v. WarnerMassachusetts Supreme Judicial Court · 1882
3Cited by16 opinions
- O'BRIEN v. DwightMassachusetts Supreme Judicial Court · 1973
- Corkery v. DorseyMassachusetts Supreme Judicial Court · 1916
- Malden Trust Co. v. BrooksMassachusetts Supreme Judicial Court · 1935
- Kimball v. WhitneyMassachusetts Supreme Judicial Court · 1919
- Roberts v. Michigan Trust Co.Michigan Supreme Court · 1935
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