Colville's Trustees v. Colville [1914] ScotLR 204 (13 January 1914)

Colville's Trustees v. Colville [1914] ScotLR 204 (13 January 1914)

In the absence of any express or implied power or necessity, trustees are not entitled to appropriate specific investments to a legacy, and the legatee is entitled to payment of the legacy in full, not depreciated investments.

Citation
[1914] ScotLR 204
Parties
First Parties (testamentary Trustees): Mrs C. M. Downie or Colville and others (Colville's Trustees); Second Party (testator's Daughter, Legatee): Miss C. H. Colville; Third Party (testator's Son): David J. Colville
Jurisdiction
Scotland
Judgment Date
13 January 1914
Procedural Posture
Special Case (trust/probate) / Judgment (inner House, First Division)
Outcome
Trustees not entitled to appropriate investments; legatee entitled to full payment of legacy.
Legal Topics
Appropriation of Investments, Depreciation of Trust Assets, Payment of Legacies, Trustee Powers
Trusts and Estates Succession Law Appropriation of Investments Depreciation of Trust Assets Payment of Legacies Trustee Powers

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Parties

Mrs C. M. Downie or Colville and others (Colville's Trustees)

First Parties (testamentary Trustees)

Miss C. H. Colville

Second Party (testator's Daughter, Legatee)

David J. Colville

Third Party (testator's Son)

Procedural Posture

Special Case (trust/probate) / Judgment (inner House, First Division)

Legal Issues

  1. 1 Were the trustees entitled to set aside and appropriate specific investments to the second party's legacy of £5000?
  2. 2 Does the depreciation in the investments appropriated by the trustees to the second party's legacy fall to be borne by the second party?

Ratio Decidendi

In the absence of any express or implied power or necessity, trustees are not entitled to appropriate specific investments to a legacy, and the legatee is entitled to payment of the legacy in full, not depreciated investments.

Court Disposition

Trustees not entitled to appropriate investments; legatee entitled to full payment of legacy.

Orders

  • First and second questions of law answered in the negative.
  • Trustees to pay the second party her legacy of £5000 in full.