Cochran v. Richmond & Alleghany R.

Citations

• 91 Va. 339
• 21 S.E. 664
• 1895 Va. LEXIS 30

Syllabus

<p>1. Trustees—Attorneys Fees—Payment out of Trust Fund.—Trustees, who in good faith engage counsel to aid them in the execution of the trust, are entitled to pay them out of the trust fund, or to be reimbursed out of that fund for all expenses which they have incurred, including reasonable attorneys’ fees. Upon the evidence in this case, the attorneys’ fees were properly paid out of the trust fund.</p> <p>2. Trust Fund—Payment into Court—Interest.—Where a trust fund has been paid into court by a purchaser of the trust property, but, in consequence of resistance to the payment of proper charges on the fund, it has remained idle in the hands of the court, the loss of interest must fell on the trust creditor who has resisted the charge.</p> <p>3. Trust Fund—Loan to Trust Creditor—Payment.—Where a trust fund is loaned to the trust creditor pending litigation over charges on the fund and its distribution, and on final settlement it is ascertained to belong to such creditor, and is not sufficient to pay his debt, the transaction should be treated as a payment on the debt as of the date of the loan, and not as a loan.</p>