Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 2 of 2
Full-Text Articles in Estates and Trusts
Trusts -Tracing Principles Applicable Where Funds Of Two Or More Cestuis Are Wrongfully Commingled, Michigan Law Review
Trusts -Tracing Principles Applicable Where Funds Of Two Or More Cestuis Are Wrongfully Commingled, Michigan Law Review
Michigan Law Review
Public funds of a school district, of the village of Vassar, and of ten other municipalities were deposited in defendant bank without securing the deposit bond required by statute. After defendant bank had been declared insolvent, the school district intervened and sought to have the amount of its deposit impressed upon the cash assets of the bank as a trust, on the ground that the bank became a trustee ex maleficio. The total of the illegal deposits was greater than the cash on hand and the credits established in solvent correspondent banks at the time the receiver took over the …
Trusts - When Is The Beneficiary Of A Trust A Necessary Party In A Proceeding Involving The Trust Estate, Charles William Allen
Trusts - When Is The Beneficiary Of A Trust A Necessary Party In A Proceeding Involving The Trust Estate, Charles William Allen
Michigan Law Review
Two recent cases present the problem of the power of the trustee to represent the beneficiary in proceedings involving the trust estate. In Hood v. Cannon, arising in South Carolina, the trustee of an estate, upon merger of A bank into B bank, had applied to the probate court for permission to exchange A bank stock, held by the estate, for B bank stock. The court authorized the exchange in an ex parte proceeding to which the beneficiaries were not parties. B bank later failed, and the commissioner of banks brought suit against the defendant, the successor trustee, to …