Way v. Hooton

Citations

• 156 Pa. 8
• 26 A. 784
• 1893 Pa. LEXIS 1302

Syllabus

<p>[Marked to be reported.]</p> <p>Resulting trust — Pleading—Act of April 22, 1856.</p> <p>The act of April 22, 1856, P. L. 582, is a statute of repose, and does not to be specially pleaded.</p> <p>Resulting trust — Persons under disability.</p> <p>As the act of April 22, 1856, contains no exceptions in favor of persons under disabilities, such persons are bound by the act in the same manner as persons sui juris.</p> <p>A trustee for minors with the knowledge of their guardian used a portion of the trust funds in the purchase of a farm, the title to which he took in himself. Subsequently he borrowed money and confessed judgment to secure the loan. The lender had no notice of the use of the trust fund in the purchase of the land. The judgment was subsequently assigned to defendant’s testator. Ten years after 1he purchase of the farm the trustee made an assignment for the benefit of creditors, and the assignee sold the land at public sale to defendant, who brought it in his capacity as executor, for the purpose of protecting the judgment. Two days before the sale defendant was notified that plaintiff claimed a resulting trust in favor of her wards. Held, that the claim was barred by the sixth section of the act of April 22, 1856.</p>