The trustees of a business trust, by their agent, accepted seven trade acceptances in which there was no stipulation against the personal liability of the trustees. The trust instrument under which the business was operating provided that the trustees were to be under no "personal obligation or liability of any kind," and that all having transactions with the trustees are put on notice that no trustee or subscriber is personally liable, and further, that in all contracts made by the trustees, "specific mention shall be made therein of this trust to the end that any and all parties must look solely to the trust estate and the trust funds for any claim arising under such trust." In a suit against the trustees personally on the trade acceptances, held, even if the plaintiff had knowledge of the terms of the trust instrument, the trustees are personally liable, not having expressly stipulated to the contrary in the contract. Review Printing & Stationery Co. v. McCoy, 291 Ill. App. 524, 10 N. E. (2d) 506 (1937).
Michigan Law Review,
ASSOCIATIONS - MASSACHUSETTS TRUSTS - PERSONAL LIABILITY OF TRUSTEES ON CONTRACTS,
Mich. L. Rev.
Available at: https://repository.law.umich.edu/mlr/vol36/iss7/8