The rules applicable to guardians of minors or lunatics are similar to those governing contracts of trustees. The guardian is bound individually by his contracts on behalf of the estate.99 Nor does it change the rule that the contract purported to be made "as guardian." l Nor can the guardian directly bind the ward.2 Accordingly though the guardian resigns his office he remains subject to contractual liabilities incurred while holding it; 3 but where the guardian is insolvent, equity will allow the creditor to enforce against the ward's estate obligations rightfully incurred by the guardian with reference to it.4

St. Rep. 28; King v. Stoweli, 211 Mas. 246, 2S1, 98 N. E. 91; Clopton v. Gholson, S3 Miss- 466; Wells-Stone Mercantile Co. v. Aultman, 9 N. Dak. 520, 84 N. W. 375.

97This view was taken in Wylly v. Collins, 9 Ga. 223; Sanders v. Houston Guano Ac. Co., 107 Ga. 49, 32 S. E. 610; Courier Journal Co. v. Columbia Fire Ins. Co., 21 Ey. L. Rep. 1258, 54 S. W. 966; Manderaon's Appeal, 113 Pa. 631,6 Atl. 893, Yerkee v. Richards, 170 Pa. 346, 32 Atl 1089, and is force-ably advocated in an article by Louis D. Brandeis in 15 Am. L. Rev. 449. Even on the theory of subrogation de-fault by only one of two or more trustees will not bar recovery against the trust estate. Mason v. Pomeroy, 151 Mass. 164,24 N. E. 202,7 L. R. A. 771. See generally on Liabilities in the Administration of Trusts, 28 Harv. L. Rev. 8, by Professor Scott.

98See Williams v. Milton, 215 Mass. 1, 102 N. E. 355.

99 Simms v. Norris & Co., 5 Ala. 42; Poole v. Wilkinson, 42 Ga. 539; Sperry v. Fanning, 80 111. 371; Tobin v. Addison, 2 Strob. Law, 3; Andrus v. Blazzard, 23 Utah, 233, 63 Pac. 888, 54 L. R. A. 354. So a conservator of an insane person's estate. Day p. Old Colony Trust Co., 228 Mass. 225, 117 N. E. 252.

1Sperry v. Fanning, SO 111. 371. As to the effect of the Negotiable Inst Law, see supra, Sec. 312.

2 Pearl v. McDowell, 3 J. J. Marsh. 658, 20 Am. Dec. 199; Jones v. Brewer, 1 Pick. 313, 316; Forster v. Fuller, 6 Mass. 58; Tenney v. Evans, 14 N. H. 343,351.

3Stevenson p. Bruce, 10 Ind. 397.

4Poole v. Wilkinson, 42 Ga. 539; Owens v. Mitchell, 38 Tex. 588. See also Westmoreland v. Davis, 1 Ala. 299; Copley v. O'Niel, 39 How. Pr. 41,47.