A Treatise on the Equity Jurisdiction of the High Court of Chancery Book

Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: SECTION THE THIRD. OF TRUSTEES. Before we conclude the observations upon trusts, which it has been thought proper to make in this part of our Treatise, we have, notwithstanding the length to which, from the great importance of the subject, they have already extended, to offer some remarks successively upon the nature of the office of trustees, and the duties and liabilities to which they are subject, and upon the appointment of trustees by this court. I. OF THE OFFICE OF TRUSTEES. From what has been already stated, it will appear that trustees may be appointed for the effectuation of very multi- furious purposes; and it requires but little discernment to perceive that the fulfilment of such purposes is often attended with great difficulty and trouble. A trust, however, being regarded in this court as a burthen upon the conscience of the person to whom its performance is confided, and not to be undertaken upon mercenary views, it is accounted to-be merely honorary (a). Upon this consideration, and because it would manifestly be dangerous to the interests of the persons beneficially entitled to the property, to allow the trustees a discretionary power of remunerating themselves, and extremely difficult, if not impossible, to ascertain, in general cases, with reference to the condition of the trustee, the circumstances uf the cestui que trusts, and the value of the property, the quantum of compensation which ought to be allowed him for his management (I), it has been established as a general rule that he shall not be allowed any remunera- (a) 2 Atk. 60. (6) 3 P. Vrns. 251. tion for his care and trouble (c). If, however, a trustee should find it requisite to employ a bailiff (d), or a solicitor (e), or an accountant (/), he would be justified in defraying the expense...Read More