Davidson v. Chilberg

Citations

• 99 Wash. 519
• 169 P. 981
• 1918 Wash. LEXIS 663

Syllabus

<p>Assignments for Benefit of Creditors—Settlement—Interest. An assignor of certain properties to an agent for the purpose of paying specified debts is entitled to recover of the agent interest on any sum that may remain in his hands after -performing the trust.</p> <p>Same—Settlement—Termination of Trust — Evidence — Sufficiency. Where a special assignment of certain properties to an agent for the purpose of paying specific debts gave authority to the agent to make sales and provided for a return of any property and sums remaining after payment of all liabilities, the evidence sufficiently shows that the trust was terminated by performance or else violated by the trustee, entitling the assignor to a distribution of the funds and property remaining, where, after the payment of all other debts, a further contract recited that the trustee had “negotiated” a sale of certain mining stock so as to release all liability on the debts for which it was assigned, and the trustee and his associations thereupon took possession of the mining company and all its assets, and transferred all the assets to a new corporation controlled by them, although there was no formal assignment of the shares; and the trust was thereby terminated.</p> <p>Same—Settlement—Action for Accounting. In an action by such assignor for an accounting from the trustee, who was an officer or in control of all the corporations and concerns holding claims, it is unnecessary to join as parties the various beneficiaries; since they were paid or had ample notice of the pendency of the action.</p>