Walden v. Karr

Citations

• 88 Ill. 49

Syllabus

<p>1. Trust—when it arises, and liability thereunder. Where one accepts notes of another in trust to pay such person's debt, and agrees with the creditor to either turn over the notes to him or when collected to pay him the money, and enters upon the performance of the undertaking, there will arise an obligation on his part to execute the trust faithfully, and an action lies in favor of the creditor for a failure to do so. He makes himself a trustee for the creditor, even though he receives no compensation.</p> <p>2. Limitation—in case of trust. The Statute of Limitations can not be set up against the enforcement of a trust, or to an action for its violation. Even if it applied to such a case, it would not begin to run until the trust was denied.</p> <p>3. Statute of Frauds—promise to pay debt of another. Where a person receives property, and in consideration thereof agrees to pay a debt of the party delivering the same to him to a third person, the promise will not be within the Statute of Frauds.</p>