64 Ala. 68 | Ala. | 1879
The paper executed by T. M. Pace to Stephen Pace, senior, bearing date January 12th, 1870, is more than a receipt for money. It is a contract, acknowledging a trust, and imposing duties on T. M., the maker. Its primary object and effect are, to secure to the grand-child, Stephen, of the elder Stephen Pace, the sum of money therein- described, together with its gains and accretions. To this extent, the instrument imposed obligations on T. M. Pace, as binding as if its form had been that of a promissory note; with the exception, that it conferred a discretion on him in its investment, which, in law, relieves him from accountability for any ioss, that does not result from his negligence or want of good faith. — McGehee v. Rumph, 37 Ala. 651; Lyon v. Foscue, 60 Ala. 468.
Although the paper was not signed by Stephen Pace senior, yet he accepted it as evidence, and the evidence, of the contract he made with T. M. Pace. He was as much bound by its terms as was T. M. Pace, who signed it. One who asserts title under a contract made with him, must take it, in the terms, and under the conditions expressed in it.
The appellant, Boykin, is entitled to the money described in the pleadings. The decree of the chancellor is reversed, and this court proceeds to render the decree which the