As a general rule, fiduciary vendors must show a marketable title, and are in all respects liable to a purchaser as if they were absolute and beneficial owners (k); except that they ordinarily enter into no covenants for title beside the covenant against incumbrances (l): and their liability extends to costs in a suit for specific performance; they have, however, a general right, except in cases of misbehaviour, to recover such costs from the estate of their beneficiaries.

Fiduciary vendors; their general liability; as to covenants, and costs.

(g) Sect. 15 of Act.

(h) Ex parte Leu-is, Ex parte Buxton, 1 Gl. & Jam. 69 & 355: see Ex parte Cuddon, 7 Jur. 334; S. C. 3 Mon. D. & De G. 302: and see Ex parte Tomkins, Sug. Appendix, No. IX.

(i) Ex parte Lewis, 1 Gl. & Jam. 69. The mere putting up a lease to sale by assignees who have not taken possession, without describing it as having belonged to the bankrupt, or as belonging to themselves, will not fix them as assignees of the lease, if not knocked down; Turner v. Richardson, 7 East, 335; sed contra, if a sale be effected and a deposit paid, although the contract subsequently go off; unless, perhaps, it be clearly shown that it could not have been enforced; Hastings v. Wilson, Holt's N. P. Ca. 290. As to the lessor's right to compel assignees of bankrupts or insolvents to elect whether they will accept or decline the lease, see 6 Geo. IV. c. 16, s. 75; 12 & 13 Vict. c. 106, s. 145; 1 & 2 Vict. c. 110, s. 50; 7 & 8 Vict. c. 96, s. 12.

(j) Taylor v. Tabrum, 6 Sim. 281; Hill on Trustees, 492; but see Sug. 58.

(k) Sug. 61, 63; McDonald v. Hanson, 12 Ves. 277.

Where an equitable fee is conveyed to trustees for sale, the trustee of the outstanding legal estate must convey it to them without requiring the concurrence of their cestui que trust; but if he do more than merely so convey, he will be responsible for any breach of trust which he may thus facilitate (m).

It is only upon strong grounds, and where irreparable injury is likely to be sustained by the parties interested, or a clear breach of trust is about to be committed, that the Court will, by injunction, stop an intended sale by fiduciary vendors (n).

We may here remark, that if a person, either rightfully or wrongfully, assume to act as trustee for sale, and in that character sign a receipt for purchase-money, he will be answerable for it, whether he himself receive, or allow it to be received by a stranger (o).

Trustee of legal estate must convey to trustees for sale of equitable estate.

Sale by trustees, rarely restrained by injunction.

Person assuming to act as trustee, and signing receipt for purchase-money, liable.

(l) See Hill on Trustees, 269; Worley v. Frampton, 5 Hare, 560; vide infra, Ch. XII.

(m) Angier v. Stannard, 3 Myl. & K. 566, 567.

(n) See Ex parte Montgomery, 1 Gl. & J. 338; Marshall v. Sladden, 7 Ha. 428.

(o) Rackham v. Siddall, 1 Mac. & G. 607.