New-York tribune., 1871-05-12
COMMODORE BAINBRrDGEs ESTATE.

THE JAUDON IlTIGAIlON DEtlDED-HOW A
TRUSTEE MANAGED HIS TRUST.
In the case Of Mary T. b. Jaudon agr. the Ma
tional City Bank William Duncan and Others recently
tried in the United states Circuit Co lrt, the plaintiff
the wife Of the defendant Charles y. JaudOn and the
daughter OF Commodore Bainbridgei who died In 1888
leaving q will under the proysont OF which she has
separate estate in trust for adminstton The testator
after making certain specific legac3s directed that al
his real estate should be sold, and appointed William
Lynch and Hugh Calhoun 10 receive as trustees the
due of his estate and to invest the in the stocks of
fine United states or in the stOcl.s Of any individual
state and to hold the in rfst for tbe following
fi1@f s9scO be invested and The interest Of II to be P,H b,
wife during her f. and al her dea 'ah Gsf. @ n1' 70 be eqL
reusin the for their sole AMI beneG,"
Ss0ad: Enough invested s1uls Interest Of Slb
We ted amount equally divided between d.Gsb
Third. His remaining invested the funi. stocks
fore mentioned the inters, thereof o Be p' II elu Pirs
each daughter o her sole use an benefit d1ng her & and h
directed that the loan which he bed Ofthe CITY o PhlaiYh,
by the trustees equal the sioresad sioeks funds
The trustees named in the will were, on their own Pc
Gnri Of COMMON Pleas for the CITY and County Of Phil
adelpha and the defendant samuel Jaudon was at the
for the widow, the sister and the four daughtors n
june 1885, he received from the outgoing trustees AL he
trust estate held by them AT the death OF the testSt
a considerable portion Of his estate consisted OF stocks
OF the state of Pennsylvania paying an interest est o. or
made no change while they continued ~ be tIusteos
in any Of the inyest9ent', soon after Jandon wa.
stock and invested It's proceedss n S stock @ 0i
portioned IL among the trusts created Dy
The WILL allowing. % shares to the trust foi
lied by the will the plaintiff approved 81 ~ ana leeeNe
from time to time the dividends on the g5 shares In
1857 the widow died. and the Delaware and Rartan CanA
stock which belonged to the trust for her, was divided
by the trustee among the trusts for the four daq &
trust for the plaintiff therefore, embraced III shares "
Delaware and Raran Canal stock and knowing OF ths
tHrward some property which had belonged TO the tes
tator sold aud from that and other sources the trs
tee the trust for the plaintiff, IN addition ~
the III shares Of canal stock 5000 in U.ted states o"
Te bin seeks to make Jaudon responsible. trustee,
for the FveTweny bonds ana for M shares of the canal
his trust and 10 have another trustee appointed in his
place. Also to make the National city Bank responsible
for AZ shares of the canal stock ana to make the bn OF
Duncan Sherman responsible for 20 shares OF the same
kd of stock having been received from the trustee.
and sold and the proceeds appropriated 10 ther own o
spectye uses under circumstances which render them
equally liable with the trustee for the breach of trus,
In October, 1865, Jaudon borrowed 5000 from tho
National City Bank, and gave security two cerholtes
Of Delaware and Raritan Canal stock. One OF these
certificates was for 10 shares and the her was Tor
shares The certificate for 10 shares b05 date January
u, 1882 aud certified that Jaudon was entitled 10 that
number of shares in capital stock ttansferable ON tho
only by him his legal representative The certlh
cate for 2s shares was dated April H. s6 and certified
that Jaudon, trustee OF Mrs. Mary b. Jaudon, wa,
entitled to that number Of shares ia the capital stock of
the Company Transferable on the bookSoi the Company
only to him his legal representatives. Accompanying
these two certificates, when they were so given as
security, was an instrument dated April IL, 1851 signed
by JadOn, trustee Of the plaintiff. and stating that
he as such trustee, thereby sold unto - At shares
OF the Joint stock Of the Delaware and Raran Canal
Company, and Camden and AmbOy Railroad aud Trans.
fer Company standing In his maine on the DOCKS OF sd
companies. and appointed - his attorney to transfer
such stock" Between Nov. 27, 1867 and Dec. 10. 1867,
the bank loaned to Jaudon upon these u shares and
other securities. large OF money Jaudon failed ~
meet sone his notes, aud, at his request, the bank
sold the securities therefor and applied the proceeds to-
ward the settlement Of JauiOns account.
IN lO.1 81. borrowed
man g. COO and gave security therefor certificate FOR
70 shares Of stock OF the Delaware and Rlrtan Canal
This certificate also stated that Jaudon held these shares
as trustee plaintiff On Oct 10 lII, JaudOn also
borrowed from Duncan sherman, upon tins same Sc
cuTity further OF $1,000 and directed them 70
sell the of canal stock before the 2lst OF tat
month. They sold the shares directed ana appicd
proceeds Of the sale TO the yment OF the loans 10
JJudOn.
The bill was taken confessed against Jaudon and An
the United states Circuit Court yesterday Judgo
Batchford gave decision In the case requiring the h
tonal City Bank and Duncan Sherman, TO return W
the trust the amounts received from the sales O TIE Sc
cures deposited with them by Jaudon, aud ordering
reference before u Master III Equity To sctto Tie
accounts.