Opinion
Gen. No. 42,816. (Abstract of Decision.)
Opinion filed February 28, 1944
TRUSTS, § 255 — when decree dismissing complaint which asked that trustee be directed to convey trust property to bidder therefor will be reversed. Where court administering liquidation trust directed trustee to accept particular offer for purchase of trust property but, in trustee's contract with offerer, latter expressly consented that trustee might accept offer of higher price, made before notice of failure of at least 33 per cent of holders of units of interest under trust to object to sale, and offer of higher price was made on day when right of objection expired, held, as against objection to complaint of higher bidder, asking that trustee be directed to convey property to her, that court was privileged to look to rights of unit holders and that decree which dismissed complaint for want of equity would be reversed and cause would be remanded with directions to proceed with hearing on complaint as bid for property to end that it — if court should determine it should be sold — might be disposed of to highest bidder.
See Callaghan's Illinois Digest, name topic and section number.
Appeal from the Superior Court of Cook county; the Hon. JOHN J. LUPE, Judge, presiding.
Reversed and remanded with directions. Heard in the first division, first district, this court at the October term, 1943.
Julius J. Schwartz, for appellant;
Julius J. Schwartz and Bernard Savin, of counsel;
Miller, Gorham, Wescott Adams, for appellee;
Herbert C. De Young and Sidney S. Gorham, Jr., of counsel.
Not to be published in full. Opinion filed February 28, 1944.