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10 Ala. 154

Key v. Boyd

Supreme Court of Alabama

Decided June 15, 1846

Supreme Court of Alabama · decided 1846-06-15

On the final settlement of the estate of James H. Gaston, by David Boyd, executor, an exception was taken to one item of his account, claiming to be allowed the sum of $362, loaned to one Hall, on a note executed by one Holt, and secured by mortgage from Holt to Hall. At the settlement, the proof in relation to this item was, that Hall borrowed $300 in 1841, from the executor, for which he gave his note at twelve months.

Cited by 1 later decisions — most recently January 1868

1 state decisions

Good law ✅— No negative treatment on recordhow we know

Decided 1846-06-15

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GOLDTHWAITE, J.

¶1Without considering the general question to which the plaintiff in error calls the attention of the court, we are clear the loss, under the circumstances disclosed, is not a proper charge against the estate for another reason. That is, because the interest which the executor now pretends to have in the note and mortgage of Holt, on account of the estate, is not for the whole sum, and as the entire note was traded for by the executor, he must be considered as solely interested. It is the duty of a trustee to keep the trust funds separate from his own, so as to be capable of identification, and if he mixes them with his own, it is said to be clear law, they are considered as his own. [Trecothie v. Austin, 4 Mason, 29.] The fact that the note of Holt was traded for by the executor, is decisive that the transaction must be viewed as being made on his own account, and that the loss must fall on him alone.

¶2Decree reversed and remanded.

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