Express Trusts Under the Common Law : a Superior And Distinct Mode of Administration, Distinguished From Partnerships, Contrasted With Corporations; Two Papers Submitted to the Tax Commissioner of Massachusetts, Under Chapter 55 of the Resolves of 1911 ..

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142, 173.
Executors and administrators "are regarded in almost every respect, in courts of equity, as trustees'' (Woerner on Administration, pp. 10, 798, 1117); their title, however, in the estate of the deceased is in autre droit merely {id.
p. 386; 207 Mass. 6, 10); but the title held by Trustees under an Express Trust is absolute in the Trustees.
It is incorrect to say that because stockholders in cor- porations are accorded certain exemptions from liability, that therefore trustees, partner
...s, and others who employ the common-law right of limiting liability, are imitating corporations, or arrogating some of their privileges, for it is the corporations that are allowed to imitate or to rec- ognize and employ just what individuals and trustees and partners have a natural common-law right to do, and have been doing for an indefinite period, without bor- rowing any later day corporate incident.
In substantiation of the right of Trustees to limit their liability by contract under the common law, the following authorities are conclusive : — 32 / "A trustee can be held personally for material ordered by him for the trust estate, and on contracts made by him in its behalf, unless there be a special agreement to look only to the trust." I.


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