Faucett v. Faucett
| Citation | 64 Ky. 511 |
| Parties | Faucett v. Faucett, & c. |
| Decision Date | 22 April 1866 |
| Court | Court of Appeals of Kentucky |
1. A purchase, made by a trustee or guardian of the trust property, or by an executor of the estate of his testator from himself, during the continuance of the fiduciary character of the purchaser, will not be sanctioned or allowed to prevail, unless it be made under the authority of the court and consent of the persons beneficially entitled to the property, who are competent to consent, and even then it will be regarded with suspicion. Such a purchase, however fair in itself, is voidable, at the option of the cestui que trust. Nor is it necessary to show that the trustee has made any profit or obtained any advantage by his purchase but it will be supported if found to be beneficial to the trust estate.
2. A trustee or executor will not be permitted to create in himself an interest opposite to that of the party for whom he acts, nor to traffic in the estate for his own emolument. This principle applies also to administrators.
APPEAL FROM TAYLOR CIRCUIT COURT.
W HOWELL, For Appellant.
Robert Faucett devised the principal part of his estate, consisting of land and slaves, to his wife, " during her natural life or widowhood," and directed, at her death or marriage, that his land, slaves, and personalty should be sold by his executor, and gave specific directions how the proceeds should be divided amongst and held by his children. The slaves he directed to be sold to his children only.
He appointed his son, William Faucett, his sole executor, who qualified and took upon himself the execution of the will.
In September, 1862, after the death of the widow, the land slaves, and personalty were sold publicly to the highest bidder by the executor, as directed in the will, and William Faucett, the executor, purchased the land at the price of five dollars fifty-one and one half cents per acre.
On the 21st of January, 1864, this action in equity was instituted by William Faucett against the other devisees and heirs of said testator, alleging the foregoing facts, and also that he had paid to the several devisees their respective portions of the price for which the land was sold, which they had received without an objection on their part to the manner of the sale, the price at which he purchased the land, or that he was the purchaser; that the sale was a fair open sale; that there was competition in the bidding; and the land sold for a full fair price. He makes a copy of the will, the receipts of the devisees to him for their respective parts of the purchase money, and the deed of Sanders and wife to himself for their interest in the estate, Mrs. Sanders being a daughter and one of the devisees of testator, parts of his petition, and prays that the sale may be confirmed by the court, and that the devisees and heirs of testator be compelled to convey the land to him.
He furthermore alleges he did not know at the time he bid that it was illegal or...
To continue reading
Request your trial