Howe v Earl of Dartmouth
1802 · (1802) 7 Ves 137
Posted By lanbuk.com
- Facts
- Residuary personal estate was left to persons in succession, and included wasting and unauthorised investments.
- Issue
- What must the trustees do with such investments?
- Held
- Lord Eldon LC held they must be sold and the proceeds invested in authorised investments, so that both income and capital are treated fairly.
- Principle
- Trustees must convert wasting or unauthorised residuary assets held for persons in succession.
- Why it matters
- It gives its name to the rule, which applies equity regarding as done what ought to be done.
Words and Latin in this note
- Beneficiary
- A person entitled to the benefit of trust property in equity, who can make the trustees carry out the trust. Open the note.
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