266 Pa. 47 | Pa. | 1920
Opinion by
This was an action of assumpsit tried before the court below without a jury. On September 17, 1860, Alexander McElroy by deed assigned and delivered his entire estate to a board of three trustees, to be by them used and expended as therein directed. After providing for the comfortable maintenance of the settlor and the payment of certain life annuities, the deed says, “I hereby direct that all that may remain of the amount thus assigned to said board of trustees after the foregoing provisions have been made shall be managed and used by said board as a fund for the publication and sale or gratuitous distribution of Bibles; not more than one-half of which fund, shall be so used during my lifetime, which half shall include the bond against the Steuben-ville and Indiana Railroad Co., the manner of making, disposing of and distributing said Bibles being left to the discretion of said board; provided only, that all copies of the Bible published shall be in fair and legible type and shall have bound together with each copy that metrical version of the psalms of David considered by said board of trustees to be the most true and faithful
The court’s conclusion was sound. The trust deed clearly contemplates that the corpus of the estate shall be- used for the designated purpose, otherwise the grant- or would not have stipulated that not more than one-half of the fund should be so used during his lifetime. The fact that he directs the making and gratuitous distribution of distinctive types of Bibles, which would necessarily involve large expenditures, more than the income, leads to the same conclusion. As the trustees are nowhere limited to the interest or use of the fund they had the right to exhaust it for the purpose of the trust.
The next question is, Did the- agreement create the relation of principal and agent, or that of debtor and creditor, between the trustees and the defendants? Clearly the former if we regard the language of the instrument and the end in view. The trustees agree to appoint the board of publication as their agent to carry out the object contemplated by Alex. McElroy, and the board agrees to accept the agency and to invest the money received from the trustees, in Bible stock, viz:
In our view of the case there is no ambiguity in the deed or agreement, and hence, the fact that, in defendant’s minute books and reports, the McElroy fund is stated as a permanent liability, is not controlling. It is only in case of doubt that the parties’ own construction of the contract can be resorted to: Lenox Coal Company v. Duncan-Spangler Coal Company, 265 Pa. 572, filed herewith, and cases there cited. Where the
As the trustees were not misled to- their prejudice, there is no basis for a claim of estoppel: Schwab v. Edge (No. 1), 214 Pa. 602. The reference to this fund in the proceedings of the General Assembly in 1864 says, inter alia, “the assignees of A. McElroy have employed us to do their business,” which supports the finding of an agency; but in after years, as stated above, the fund is referred to- as a permanent liability. The defendant made the annual six per cent distribution of Bibles for about fifty years, extending far beyond the life of the plates in which the fund was invested, and there is no further legal liability resting upon them.
The judgment is affirmed.