Witter v. McCarthy Co.

Citations

• 5 Cal. Unrep. 267
• 43 P. 969

Syllabus

<p>Trusts—Ratification by Beneficiaries.—In an Action to Quiet Title to an undivided interest in land, it appeared that defendant’s grantor, as owner of a tract of land, after contracting to convey undivided interests in it to several persons, of whom plaintiff was one, and receiving part of the purchase price, by agreement with them dated March 1, 1888, conveyed the land to a trustee, a party to the agreement, with plenary power to sell and convey; that this agreement required the trustee to distribute the proceeds among the respective grantees in proportion to the interests held by each, deducting from the share of each the amount due from him on the purchase price, and pay the same to the grantor, less the amount of a mortgage which he had agreed to pay; that the trustee never sold the land, but, November 1, 1892, conveyed to each of the beneficiaries his undivided interest; that an interest of twenty-five fortieths was conveyed to the grantor, who recorded the deed thereof; that the grantor subsequently acquired an eight-fortieths interest conveyed to others by the trustee at the same time, and January 30, 1803, conveyed his entire interest (thirty-three fortieths) to defendant. There was no evidence that any of the parties to the agreement objected to the conveyances by the trustee, or that defendant did till filing its answer in this action, November 12, 1894. Held, that a finding that all the beneficiaries to the trust consented to and acquiesced in the conveyances by the trustee was warranted.</p> <p>A Corporation is Charged With the Knowledge of Its President, acting as attorney in fact of one making an assignment to it.</p>