Page:Federal Reporter, 1st Series, Volume 5.djvu/879

GARRETT V. CITY OF MEMPHI8, 867 �day of January, 1879, when the legislative act repealing the charter Vas approved, the case then became one of a trust \trithout a trustee, pre-eminently fit for equitable interference, A court of equity will not permit a private trust to fail for want of a trustes; and this rule is applicable to cases in which a municipal corporation bas been npminated the trustee. Girard v. Philadelphia, 7 Wall. 1; Philadelphia y. Fox, 64 Pa. St. 169; Montpelier v. East Montpelier, 29 Vt. 12. In such cases, as in cases where a natural person or a private corporation is the trusjfcee, and the person has died, or the corporation has been dissolved, the court will aippoint a new trustee, or execute the trust by its own officers or agents. �In Potter on Corporations, § 699, it is said: "Where, in any way, the legal existence of municipal trustees is destroyed by legislative act, a court of equity will assume the execution of the trust, and, if necessary, will appoint new trustees to take charge of the property and carry into effect the tnist. " �In High on Eeceivers, 364-365, it is said: "When credit- ors of a corporation have a charge upon a particular fund in the nature of a trust fund, the mismanagement or waste of such fund by those entrusted with its control will warrant the appointment of a receiver." �So in Batesville Institute v. Kauffman, 18 Wall. 154, this court, when speaking of the power of the court to appoint a new trustee in place of one deceased, said : "It is, however, within the power of the court of equity to decree and enf orce the exe- cution of the trust through its own officers and agents, without the intervention of a new trustee ;" citing Story's Equity, 976, 1060. �Without further citations, which might easily be made, enough has been said to show that, in the present case, the circuit court was authorized to seize by the hands of its own receiver, for administration, those taxes which had been levied specially for the payment of judgments recovered, in regard to which the city had oocupied the relation of a trustee, at least practically. �Much of what I have said is equally applicable to the taxes ����