Janes v. Throckmorton

Citations

• 57 Cal. 368

Syllabus

<p>Tbust—Equitable Conveesion of Peopeety—Pbobatb Sale — Estates of Deceased Pebsons—Paeties—Beal Peopeety—Definition.—E. conveyed land to the defendant, who, at the same time, covenanted in writing that he would sell enough of the land to pay off the incumbrances thereon, and account with S. and M.—children of E.—for one-fifth of the moneys remaining on hand from sales of the land, after paying the incumbrances; and also that he would sell all the lands within three years, or at his option convey to S. and M. one-fifth of all the lands remaining on hand after paying the said debts and expenses. Afterwards, a mortgage upon a portion of the land having been foreclosed, and the land sold and conveyed by the sheriff, the defendant, under the circumstances stated in the opinion, obtained a conveyance from the purchaser. The interests and rights of S. and M. under the covenant having afterwards become vested, by proper mesne conveyances, in J., were after his death sold by his administrator, under an order of the Probate Court, as personal property. Held, in an action by the heirs of J.: (1) That the defendant took the land in trust for S. and M. to the extent of the rights reserved to them in the covenant; and to that extent they had an equitable interest in the land; that the deed and covenant did not work an equitable conversion of the land into personal property; and that the sale of this interest by the administrator as personal property was therefore void; (2) that the title obtained by the defendant from the purchaser at the foreclosure sale inured to the benefit of his aestuis que trust to the extent of their rights under the covenant; (3) that the action was properly brought by the heirs of J.; and (4) that, in view of the fact that the record failed to show any notice on the cestuis que trustent of an adverse holding by the trustee, the defense of the Statute of Limitations could not be maintained.</p> <p>Id.—Equitable Conveesion of Peopeety.—To constitute a co