Page:Federal Reporter, 1st Series, Volume 3.djvu/843

 836. FEDBRAIi REPOBTBB. �funds to be lost or wasted througb gross negligence and in- attention to the duties of their trust. �In Peahody y. Flint, 6 Allen, 52, which was a suit in equity by some stockholders against directors, the court say that in the discavery of frauda, and in furnishing remedies to parties defrauded, equity cannot suffer teclinicalities to stand in the way, but seizes upon the. substance of the case and holds ail parties to their just responsibility, foUowing trust property into the hands of remote grantees and purchasers who have taken it with notice of the trust, in order to subject it to the trust. �In March v. Eastern R. Cp. 40 N. H. 548, where the parties were in similar relations, the court entertained a bill to en- join, etc. �In Heath v. The Erie B.Co. 8 Blatchf. 348, it was held tbat if several trustees are ail- of them implicated in a com- mon breach of trust, for •which the cestui que trust seeks relief in equity, ,he may bring suit against ail of them, or against any of them separately, at his election, the tort being treated as several as well as joint, This suit was brought in equity by eight share-holders, who were foreigners. They made the Company and three of its directors defendants, thirteen other di- rectors not being brought in as such. The bill was sustained, and the relief asked for granted. �In Curran v. Bank of Arkansas, 15 How. 311, it is said by the United States supreme court that it being "once admitted that the property of an insolvent corporation, while under the management of its ofEcers, is a trust f und in their iiands for the beneflt of creditors, it foUows that a court of equity, which never allows a trust to fail for want of a trustee, would see to the execution of that trust, although, by the dissolution of that corporation, the legal title to its property had been changed." �[The cases of Hodges t. New England Screw Co. 1 E. I. 312 ; Tayhr v. The Maine Exporting Co. 5 Ohio, 162 ; Brown v. Van Dyke, 8 N. J. Eq. 795; Lexington e Ohio R. Co. v. Bridges, 1 B. Monroe, 556; Bank of St. Mary' s v. St. John, 25 ����