171 Mass. 195 | Mass. | 1898
The instrument in.question is a conveyance in trust, made for the purpose not only of securing but of extinguishing the debt which it mentions. It expressly provides that the trust shall continue until the debt is extinguished, unless the trustee agrees to its revocation by the grantor. In pursuance of this purpose the trustee is given different and more extensive powers than those contained in simple mortgages. The power to sell is not the usual power to sell upon a future default which may or may not happen, but a power forthwith or at any time
There is no doubt that the trustee had power to bind himself and the trust estate by contract to make any sale which he had power to execute. Shannon v. Bradstreet, 1 Sch. & Lef. 52, 59. Lowe v. Swift, 2 B. & B. 529, 535. Clarke v. Moore, 1 Jon. & Lat. 723, 727.
It follows that, assuming without discussion that the plaintiff had a right to redeem the fund, (Parks v. Hall, 2 Pick. 206, 210, 211,) he must take the fund as he finds it, subject to any changes in form lawfully made by the trustee, including contracts which in equity have the effect of conveyances. As the plaintiff did not wish to redeem upon these terms the bill properly was dismissed.
Bill dismissed.