Case ID: ny-sup-ct_12/html/0556-01.html
Source: Caselaw Access Project
Author: {"author": "Gilbeet, J.", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

JOSEPH W. CLARK, Respondent, v. THE FLINT AND PERE MARQUETTE RAILWAY COMPANY, Appellant.
    
      Trustees — right to purchase obligations of cestui que trust.
    
    There is no rule of law or equity that incapacitates a trustee from purchasing the obligations of his cestui que trust which have become legally vested in a third person. If they are valid obligations they may be sold and transferred to any one, and such transfer will pass a good title to them.
    
      Quaere, whether, in such case, the trustee will be permitted to enforce them for any greater sum than he paid for them.
    Appeal from a judgment in favor of the plaintiff, entered upon the report of a referee.
    
      H. 0. Chesebro, for appellant. E. W. Gardner, for respondent.
   Opinion by

Gilbeet, J.

Present • — • Smith, P. J., Gilbeet and Meewin, J J.

Judgment affirmed, with costs.