(DOWNLOAD) "Cook v. Tullis" by United States Supreme Court # Book PDF Kindle ePub Free
eBook details
- Title: Cook v. Tullis
- Author : United States Supreme Court
- Release Date : January 01, 1873
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 54 KB
Description
Messrs. George Hoadly and E. M. Johnson, for the appellants: 1. The Hardesty note and mortgage were part of Homans's assets, procured by him, as we may reasonably presume, by means obtained from his general creditors. There is no evidence by which to apply the rule that the proceeds of a trust estate may be followed by the cestui que trust as far as they can be traced. We admit that property held in trust does not pass to the assignee by the proceedings in bankruptcy, but we assert that the trust must be such that the property can be followed or distinguished. 'When the trust property does not remain in specie, but has been made way with by the trustee, the cestui que trust has no longer a specific remedy against the estate, and must come in pari passu with the other creditors.'2 Homans took and used the bonds, but he does not suggest that he applied their proceeds, or anything bought with such proceeds, in obtaining this note and mortgage. For aught that appears he lost the proceeds of these bonds in his business.
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