Nixon's Estate

Citations

• 235 Pa. 27
• 83 A. 687
• 1912 Pa. LEXIS 494

Syllabus

<p>Trusts and trustees — Resignation of trustee — Accounting.</p> <p>1. A trustee may relieve himself from the liabilities arising from a trust relation by submitting the administration of the trust to the jurisdiction of the court.</p> <p>2. Where an elderly trustee has acted as trustee for over twenty years, has filed an account, which has been duly audited, and the fund awarded to his two co-trustees, who are competent persons, such trustee has a right to withdraw from the trust, and his withdrawal cannot be objected to by certain of the cestuis que trustent on the ground that the withdrawing trustee is the president of a corporation whose stock is owned largely by the trust estate and by the trustee, that the trustee has the right to purchase the stock of the estate, and that there are pending for the consideration of the stockholders propositions either to liquidate the company or to sell all of its stock, or to sell most of its property.</p>