This section is from the book "American Law Of Real Estate Agency", by William Slee Walker. Also available from Amazon: American law of real estate agency.
Bonds belonging to a trust estate were presented to certain brokers at a time when they were registered in the name of S, executor; some days later, when left with them for sale, they had been discharged from registry and were payable to bearer; it did not appear that the brokers had any knowledge that the executor was dead, or of the condition of the estate of which he was executor. Held, that, on a sale by them of such bonds they were not liable to the estate, because the bonds were in fact a part of the trust fund and illegally sold. Cooper v. I11. Cent. R. Co., 57 N. Y. S. 925, 38 App. Div. 22. Compare Herwig v. Richardson, 44 La. Ann. 703, 11 So. 135. See also Sec. 351.
 
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