IMPORTANT ACTIONS.

Evening Star, Issue 7280, 3 August 1887, Page 3

IMPORTANT ACTIONS.

RESPONSIBILITIES OF TRUSTEES. WELLINGTON, August 3,

In the Supreme Court this morning judgment was given in two cases—ollo arising out. of Waring Taylor's frauds, and the other out of Waters's financial transactions. In tho Northern Land and Loan Company v. tho City Advance Company Judge Richmond gave judgment for the full amount claimed (LG00), with interest from the the timo of doposit, and costs on the highest scale. He remarked that the oonduct of botli companies, to say the least of it, reflected on the credit of their management. In Pharazyn and others v. Mason and others, the trustees of the late W. B. Rhodes's estate sued the late trustees for the moneys lost by the defalcations of Waring Taylor, who was one of the trustees. His Honor laid it down as a principle that trustees had no right to place or leave trust moneys under the sole control of any one of themselves. Taylor had been allowed to sign cheques merely countersigned by a bookkeeper; but had it been necessary to get the cheques signed by the other trustees, most probably the defalcations would have been checked at the atari;. Judgment was given against the defendants for L 6.500, the capital sums, and L 417 9s lid due on income account. The amount of interest was left as a matter of arrangement. Mrs Rhodes was one of the trustees herself.