Lovato v. Catron

Citations

• 20 N.M. 168

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Where beneficiaries, having an interest in a trust fund, are induced, by alleged fraudulent representations, to assign their respective interests in the fund, and the assignee presents the respective assignments to the trustee, who, without knowledge of the alleged fraud, pays to the assignee the full amount due the beneficiaries, respectively, the trust is thereby fully executed, and the trustee has no further interest in the fund and cannot maintain a suit in equity, for and on behalf of the beneficiaries, to cancel the assignments and compel the assignee to account to the beneficiaries for the true amount due.</p> <p>P. 174</p> <p>2. In such ease, the causes of action being several, and there being no ground for equitable interference in behalf of the beneficiaries, jointly, they cannot maintain a joint suit in equity for the redress of their alleged grievances.</p> <p>P. 177</p>