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Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: by statute, or by decree of administration, he must plead the statute bar at his peril; and if he should pay after all actions were barred against him by statute, decree of administration, or otherwise, he would pay upon his own responsibility.1 § 482. A trustee may generally, acting in good faith, release or compound a debt due to his trust estate.2 But if he releases or compromises a debt without sufficient reason or justification, or if he sells a debt for a grossly inadequate consideration, when by proper diligence more could have been realized, he will be answerable for it in his accounts.3 (a) In many States there are statutes authorizing executors, administrators, guardians, and trustees to refer or compromise all claims due to and from the estates which they represent. Such statutes are constitutional,4 and courts will ratify and confirm such compromises.6 § 483. Trustees who hold an equity of redemption in lands mortgaged for more than their value may release the equity 1 Alston v. Trollope, L. R. 2 Eq. 205; Dring v. Greetham, 1 Eq. R. 442; Fuller v. Redman, 26 Beav. 614; Shewen v. Vanderhorst, 1 R. and M. 347; 2 R. and M. 75; Briggs v. Wilson, 5 De G., M. and G. 12; 2 Eq. R. 153; Ex parte Dewdney, 15 Ves. 496; Pool v. Dial, 10 S. C. 440; Bacot v. Hayward, 5 S. C. 441. 1 Blue v. Marshall, 3 P. Wms. 381; Ratcliffe v. Winch, 17 Beav. 216; Forshaw v. Higginson, 8 De G., M. and G. 827. 1 Jevon v. Bush, 1 Vern. 342; Gorge v. Chansey, 1 Ch. R. 125; Wiles v. Gresham, 5 De G., M. and G. 770; Re Alexander, 13 Ir. Ch. 137. 4 Clark . Cordis, 4 Allen, 466. Zambaco v. Cassanetti, L. R. 11 Eq. 439. (a) 1 Ames on Trusts (2d ed.), cient that the bonds were delivered 494, n. A trustee of a naked legal to a third person in escrow for trust cannot, without the...