Dillman v. Hastings

Citations

• 144 U.S. 136
• 12 S. Ct. 662
• 36 L. Ed. 378
• 1892 U.S. LEXIS 2064

Syllabus

<p>!From March, 1875, to May, 1881, D. sent tó H. from time to time various sums of money, to be lent by him for complainant at interest; H. being instructed and agreeing to reinvest the interest in the same way. The money was at first invested at 10 per cent, but early in 1881 H. informed D. that the rate was reduced to 8 per cent. H. died in 1886. D. filed a bill in equity against his executors for an account and payment of what might be found due. They answered and the cause was referred to a master. ' The executors produced at the hearing no books of accounts or papers of H. and no statements by him of his investments. In the account stated by the master interest was included up to April 1, 1881, at 10 per cent, and at 8 per cent thereafter with annual rests, and a decree was entered accordingly. Held,</p> <p>(1) That a trust relation between the parties was disclosed, which entitled the complainant to an account;</p> <p>(2) That it was the duty of H. to keep an account and that in its absence it must be presumed that he reinvested interest moneys, as received, at the rates named in the correspondence;</p> <p>(3) That after his death his .executors should be charged at the legal rate of 6 per cent;</p> <p>(4) That certain claims set up by the executors for taxes paid were not sustained by the proof.</p>