Dillman v. Hastings
144 U.S. 136 (1892)

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U.S. Supreme Court

Dillman v. Hastings, 144 U.S. 136 (1892)

Dillman v. Hastings

No. 201

Argued March 9, 1892

Decided March 28, 1892

144 U.S. 136

Syllabus

From March, 1875, to May, 1881, D. sent to H. from time to time various sums of money to be lent by him for complainant at interest, H. being

Page 144 U. S. 137

instructed and agreeing to reinvest the interest in the same way. The money was at first invested at 10 percent, but early in 1881 H. informed D. that the rate was reduced to 8 percent. H. died in 1886. D. filed a bill in equity against his executors for an account and payment of what might be found due. They answered, and the cause was referred to a master. The executors produced at the hearing no books of accounts or papers of H. and no statements by him of his investments. In the account stated by the master, interest was included up to April 1, 1881 at 10 percent, and at 8 percent thereafter with annual rests, and a decree was entered accordingly.

Held:

(1) That a trust relation between the parties was disclosed which entitled the complainant to an account.

(2) That it was the duty of H. to keep an account and that, in its absence, it must be presumed that he reinvested interest moneys as received at the rates named in the correspondence.

(3) That after his death, his executors should be charged at the legal rate of 6 percent.

(4) That certain claims set up by the executors for taxes paid were not sustained by the proof.

The case is stated in the opinion.

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