Brinton v. Lewis-Littlefield Co.

Citations

• 66 Wash. 40
• 118 P. 917
• 1911 Wash. LEXIS 1009

Syllabus

<p>Trusts' — Declaration of Trust — Construction—Powers of Trustee. A declaration of trust to bold, manage or sell lands purchased for speculation, and subject to a mortgage, at such time and price and on such terms as shall to the trustee seem best for the interests of the subscribers, authorizes the trustee to deed the same to the mortgagee to save the costs of foreclosure, and preserving the equity of redemption for two years by an option to repurchase, where it became impossible to effect a sale or obtain from the subscribers the balance of the purchase price or pay off the mortgage, and the interests of the subscribers were best protected by such course.</p> <p>Trusts — Action to Declare Trust — Rights of Plaintiff — Equity. A mortgagee to whom a trustee had deeded the property, cannot be declared a trustee of the interest of a subscriber to the fund to purchase the property, where the subscriber refused to pay his part of the balance of the purchase price secured by the mortgage, or to reimburse the mortgagee for taxes and expenses incurred; since he who seeks equity must first do equity.</p>