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Byrnev. Norcott Beav
10-31-11




at pMarch BOYDC. :The rule is well settled where moneys are left by testamentary instrument to be invested at the discretion of the executor or trustee that he is to invest in such securities as are sanctioned by the Court. The general discretion so Judgment given does not warrant investment in personal securities Boyd C. and it would be disregarding fixed standards of decision to lay it down that such a discretion can be exercised otherwise than according to law. In this case the executor who became a trustee when the portion of the fund coming to the plaintiffs was apportioned for them did not conform to his duty in depositing these funds at three and a-half or four per cent in a savings bank. This failure to act as the law intends he should act exposes him to pay the legal rate of interest for this money although he acted innocently and honestly. There is no misconduct on his part; but the question is a dry and hard one whether he is to pay the difference in interest between three and ahalf or four per cent Ralph Lauren Outlet Online and six per cent. Had the Nike Free Run matter been between adults the evidence is ample to shew acquiescence and I have had doubts whether the acquiescence of the statutorv guardian of the infants is not enough The North Face Outlet Store to relieve the defendant from making good the extra interest. It is said that all the facts were not known to the plaintiffs and their guardian so as to introduce the doctrine of acquiescence. But they knew that trust funds for them were in the keeping of the defendant and that he had deposited these funds in a savings bank and that the interest derived therefrom was remitted from time Nike Max Air 90 to time to the guardian until they sent a Nike Shop request that the interest should be allowed to accumulate in the savings bank with the principal. They all with the defendant had common knowledge in law that this was not a proper investment; and all in The North Face Outlet fact were in common ignorance that it was not perfectly legitimate. But the better opinion is that the infants cannot acquiesce in a breach of trust; and the acquiescence of the guardian not being for their benefit ought not to operate against their right to recover the amount North Face Outlet Store in dispute for the extra interest. That is in truth the Nike Max Air whole dispute ; because the defendant was prepared to pay over the principal and the accumulated interest as deposited in the savings bank.Judgment. The Registrar will compute the amount of interest at Boyd C. six per cent allowing six months from the time the fund was in the hands of the defendant North Face Outlet as trustee at the lower rate Nike Argentina down to December of last year the Nike Free date the parties agreed on giving credit for all sums paid and allowing reasonable commission to the defendant in respect of this fund.As the real question was merely about a small amount of extra interest if I gave costs to the plaintiffs it would be on the lower scale only. I cannot give costs out of the fund to the defendant having regard to the Polo Outlet Online decisions in Be Radclyffe W. Ralph Lauren Outlet R and Bellv. Turner L. J. Ch but following Batev. Hooper DeG. Polo Ralph Lauren Outlet M. Polo Ralph Lauren Outlet & G I think this is a proper case however viewed to relieve the defendant from paying costsA writ