Noah Haynes Swayne

“ Where a trustee has abused his trust in the same manner, the cestui que trust has the option to take the original or the substituted property; and if either has passed into the hands of a bon a fide purchaser without notice, then its value in money. If the trust property comes back into the hands of the trustee, that fact does not affect the rights of the cestui que trust. The cardinal principle is that the wrong-doer shall derive no benefit from his wrong. The entire profits belong to the cestui que trust, and equity will so mould and apply the remedy as to give them to him. ”

“ We shall content ourselves with doing little more than to announce our conclusions. We shall not deem it necessary to give in detail the evidence upon which they are founded or the processes of argument by which they are supported.
The proposition submitted by May, of the 4th of February, 1859, its acceptance on the 8th of March following by Le Claire, since deceased, and the assent of May on the same day, constituted a valid contract. There was a large difference in value between what Le Claire was to give and what he was to receive. ”

“ In cases of specific performance, to which category the one before us belongs, parties are sometimes remitted to a court of law. But this is never done where the remedy is not as effectual and complete there as the chancellor can make it. ”

“ John P. Cook afterwards denounced it, and declared that, as the friend and attorney of Le Claire, he considered it his duty 'to protect Le Claire as far as possible against so gross an imposition.' The most obvious and effectual way to accomplish that object was to sell the Rosebank farm under the deed of trust, and thus put it out of the power of May to fulfil his part of the contract, and this purpose those concerned in the scheme proceeded to carry out. ”

“ He knew that May had arranged for funds more than sufficient to discharge the debt due to his cestui que trusts, which were ready to be paid over as soon as May could deliver to the lender, as security, two of the notes of Davenport. We are satisfied that, with ordinary condor and fair dealing on the part of Powers and the other parties implicated, the debt secured by the deed of trust could have been speedily discharged, and all the other incumbrances removed. ”

“ It is not necessary that the devisees should be parties to warrant such a judgment. The presence of the executors is sufficient for that purpose.
Adrian H. Davenport, as well as Le Claire, had full notice of the rights of May in respect to the securities embraced in their compromise. All those securities, including the collaterals, belonged in equity to May from the time they were deposited with Cook & Sargent. Le Claire had no right to change their form or to dispose of them, as was done in carrying out the compromise agreement. ”