Weaver v. Fisher

Citations

• 110 Ill. 146

Syllabus

<p>1. Jurisdiction in chancery—in matters of trust. In the case of a trust, as, between a principal and agent, it is well settled that a court of equity has jurisdiction to enforce an accounting and a surrender of the trust property, the time when the trustee should do so having arrived, and he having refused.</p> <p>2. Trust—when it arises—as between principal and agent. Where a person is employed as an agent in the conduct of the financial part of the business of his principal, the relation is a fiduciary one in its character; and if the agent appropriates the property of his principal to his own use, or makes any profit to himself by virtue of his position, he must account therefor as for a trust.</p> <p>3. Upon bill in chancery by a principal against his agent, to compel an accounting by the latter in respect of the business of his employment, and a surrender of property in his hands, it appeared there was an agreement whereby the defendant was to act as manager of the office part of the complainant’s business (milling), except the running of the mill; to purchase grain, ship the product, make sale' thereof, and do the banking and financial business,—all in defendant’s name, but in fact taking no interest therein; to account therefor to the complainant, and upon a discontinuance of the employment to turn over and surrender to the principal all the money and other property, of every kind and nature, in his possession or under his control, belonging to the principal. It was held, this arrangement created a trust in the money and property of the principal or employer, of which the defendant became possessed under and by virtue of his employment.</p> <p>4. Resulting trust—when it arises. Where a person occupying a fiduciary relation purchases property with the trust funds, and takes title in his own name, a trust in the property will result to the cestui que trust, and this whether the property right is absolute, or only qualified and contingent.</p> <p>5. Board oe