West v. Union Naval Stores Co.

Citations

• 117 Miss. 153
• 77 So. 961

Syllabus

<p>1. Moetgases. Appointing substituted trustee.</p> <p>Under the terms of a deed of trust providing that: “If the trustee shall die or move from the state or county, or for any cause fail or refuse to act, then the beneficiary herein named, or his successors or assigns, or their. legal representatives, may appoint another trustee, whose powers and duties shall he the same as the trustee herein named.” Where the original trustee refused to act after the assignment of the deed of trust, the assignee whether a natural or artificial person had the power to appoint a substituted trustee.</p> <p>2. Same.</p> <p>The intention of the parties must be determined from the instrument and it is clear from the consideration of the instrument that there was no personal discretion to be confided to any particular person, but that any holder or owner of the deed of trust shall have the power of appointment.</p> <p>3. Same.</p> <p>While the power of appointing a substituted trustee is strictly construed, and must be literally complied with, it is manifest in this case that it was the intention of the parties that the owner or holder of the deed of trust, whoever it might be, should exercise such power, and it was expressly provided that such power might be exercised by their legal representatives.</p>