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Reports of Cases in the High Court of Chancery of Maryland 1846-1854
Volume 200, Volume 4, Page 495   View pdf image (33K)
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WYMAN VS. STOCKETT. 495
ings and proofs now in the cause, and such further proofs, if
any, as the parties may lay before him.
A. RANDALL, for Complainant.
DANIEL M. THOMAS, for Defendant.
HENRY WAYMAN AND LARKIN SHIPLEY,
vs JULY TERM, 1847.
RICHARD G. STOCKETT.
[LIABILITY OF TRUSTEES—CHANCERY PRACTICE.]
A TRUSTEE for the investment of certain trust funds, for the benefit of certain
cestui que trusts, paid a portion of the trust money into the Court of Chan-
cery under its sanction, which remained there for some time uninvested.
HELD—that he was not responsible for interest on the sums so paid into
court for the time during which they remained uninvested.
Upou petition of a cestui que trust, the Chancellor passed an order directing cer-
tain mortgages belonging to the trust estate to "be forthwith closed," and
that the cestui yue trust "have leave to cause a suit or suits to be instituted
for that purpose, in the names of the trustees, in such manner as may be
most proper, necessary and beneficial to him." HELD—
That under this order, the cestui que trust might file a bill to foreclose a mort-
gage executed by one of the trustees to the trust estate, and was not con-
fined to a proceeding by way of petition in the original cause.
[By the will of Larkin Shipley, executed in 1822, the testa-
tor devised the residue of his estate, real and personal, to Richard
G. Stockett and Henry Wayman, in trust for his nephew, Lar-
kin Shipley, for and during the term of his natural life, and if
he should die without issue of his body lawfully begotten, then
the property to be equally divided among his brothers and sis-
ters, but if he should have lawful issue of his body at the time
of his death, then to such issue share and share alike. The
testator then directed the said trustees "to retain the sole pos-
session and custody of the said estate, for the purpose of educat-
ing his said nephew, and to rent out the real estate, and put out
the money on interest to the best advantage, and pay away the
yearly proceeds, after his arrival at age, to him, but to retain a

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Reports of Cases in the High Court of Chancery of Maryland 1846-1854
Volume 200, Volume 4, Page 495   View pdf image (33K)
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