Trustee

ch, trust and hill

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6. Wile] e theie are several trustees, they are held to hold as joint-tenants, and on the death of any one the property remains vested in the survivor or survivors ; and on the death of the last the property, if personal (at common law), went to the heir or personal representative of the last-deceased trustee. But the rule as to trust-property going to heirs and executors is changed in most of the states, so that in theory the court of chanoery assumes the control and it appoints a new trustee on the decease of former trustees. Hill, Trust. 305 ; 13 Sim. Ch. 91 ; 4 Kent, Comm. 311; 11 Paige, Ch. N. Y. 13; 10 Mo. 7553 16 Ves. Ch. 27.

Each trustee has equal interest in and control over the trust estate ; and hence, as a general rule, they cannot (as executors may) act or hind the trust separately, but must act jointly. 4 Ves. Ch. 97 ; 3 Atk. Ch. 384; 8 Cow. N. Y. 544 ; 20 Me. 504 ; 11 Barb. N. Y. 527.

One trustee may be held responsible for losses which he has enabled a co-trustee to cause, though there was no actual participa tion by him. 18 Ohio, 509 ; 5 How. 233 ; 10 Penn. St. 149 ; 3 Sandi'. Ch. N. Y. 99.

Where the legal estate is vested in trustees, all actions at law relative to the trust-pro perty must be brought in their name, but the trustee must not exercise his legal powers to the prejudice of a cestui que trust, and third persons must take notioe of this limitation of the legal rights of a trustee. 2 Vern. Ch. 197; Hill, Trust. 503.

7. The trustee (and his personal repre sentatives and heirs to the extent of any property received from the trustee) is re sponsible in suit for any breach of trust, and will he compelled to compensate what his negligence has lost of the trust estate. He is not only chargeable with the principal and income of the trust-property he has received, but is liable for an amount @oral to what, with good management, he might have re ceived ; and this includes interest on sums he has needlessly allowed to remain where it earned no interest. 11 Ves. Ch. 60 ; 2 Beav. Rolls, 430 ; 4 Russ. Ch. 195 ; 15 Eng. L. & Eq. 591 ; 2 Johns. Ch. N. Y. 62 ; 1 Bradf. Sum N. Y. 325 ; Hill, Trust. 522.

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