Moyle v Moyle
| Jurisdiction | England & Wales |
| Judgment Date | 15 August 1831 |
| Date | 15 August 1831 |
| Court | High Court of Chancery |
English Reports Citation: 39 E.R. 565
HIGH COURT OF CHANCERY
[710] moyle v. moyle. Aw/. 11, 12, 15, 1831. Trustees and executors who, for upwards of a year after their testator's death, allowed a considerable portion of the assets to lie unproductive in the hands of a banker who failed, were, under the circumstances, charged with the loss. The testator, John Moyle, gave the residue of his personal estate and effects to-the Defendants, Charles Moyle, John Smith, and Robert Corser, his trustees and executors, upon trust, with all convenient speed, to call in his debts, and to sell and convert into money such parts of his personal estate as should not consist of money, and thereout to satisfy his debts and legacies, and subject thereto, upon trust, to. invest the clear surplus in the purchase of three per cent, consols, or some other of the Parliamentary stocks, and to apply the dividends, or so much thereof as should be necessary, towards the maintenance and education of his daughter, until her age of twenty-one or marriage ; and afterwards, upon trust, to transfer the principal to her-for own use; with a bequest over, in the event of her dying under that age and unmarried, to his brother and sister equally. The will further directed that any surplus of interest beyond what was required for the maintenance of the daughter,. 566 MOYLE V. MOYLE 1 RUSS. to M. 711. should be, from time to time, invested in the same stock and added to the principal. It also contained the usual clauses, that the trustees should be liable each for his own acts and default only, and that they should riot be answerable for more of the trust-monies than should come to their hands respectively ; nor for any loss or damage which might happen without their wilful default, or by the misfeasance, failure, or insolvency of any banker, with whom the trust-monies might be lodged for safe custody, or investment, or otherwise in the execution of the trusts. [711] The testator died in the month of June 1823. In the month of October, in the same year, the bill was filed by his infant daughter, by her mother and next friend, praying to have the accounts of the estate taken, and the Plaintiff's rights under the will ascertained and secured. In March 1824 the Defendants, the trustees and executors, put in their answer. A motion, against them, in the following May, that they might pay into Court a balance of 260, appearing by their answer to be then in their hands, was refused ; and on the 29th of January 1K25...
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