TRUSTS, § 174 — duty of trustees toward beneficiaries. Where, in action by plaintiff, owner of beneficiary certificate in defendant corporation, its only asset being building operated by trustees, where it appeared that defendant corporation entered into agreement with intervenor to sell her property for $70,000 and deposit of $6,500 earnest money was made by intervenor, contract providing that trustees might accept higher offer unless intervenor agreed to meet it, and owners of beneficiary certificates including plaintiff were notified of terms of contract, and plaintiff offered $80,000 which was met by intervenor, and action of trustees in agreeing to sell property to intervenor was approved by trustees and stockholders, held that trustees acted fairly and honorably toward beneficiaries, and they were in honor bound to convey property to intervenor, although plaintiff filed instant case offering $85,000.
See Callaghan's Illinois Digest, same topic and section number.
Opinion by JUSTICE O'CONNOR.
Not to be published in full. Opinion filed March 26, 1945; rehearing denied April 11, 1945; released for publication April 11, 1945.