Trustee—Use and Management of Funds.—An agent or trustee has no right to use the funds intrusted to him as his own, nor to mingle them with his own funds, without clear authorization; it is his duty to keep the funds separate and intact, and free from any liability such as he incurs in the use of his own moneys.

Trustee—Management of Funds.—An agent or trustee must pursue with exactitude the instructions given as to funds intrusted with him, or show that his particular act was. ratified with full knowledge on his principal’s part as to the nature of the act.

Trustee—Loaning Funds.—Where an agent or trustee is instructed to “loan out’’ funds held by him, it means that he is to invest them for his principal’s account, and to make an accounting to the principal of such investment. He is not authorized to borrow the funds for his own purposes.

Trustee—Investment of Funds.—Where confidence is reposed in a trustee to judiciously invest the funds in his hands, this confidence is abused when he places himself in the position of a debtor to the principal, without fully advising the latter of the risk he runs, and giving him an opportunity of knowing the hazard that the funds are subjected to.

Where a Trustee to Invest has Made Himself a Debtor to His Principal, and thereby subjected the funds to a risk and hazard, he must show that he fully advised his principal in the premises, in order to avoid responsibility for the loss his conduct may cause.

Trust—Limitation of Actions.—Where one occupies a fiduciary relation, the statute of limitations cannot avail as a defense. Lapse pf time is no bar to a subsisting trust, clearly established.

Trust—Limitation of Actions.—Where one has occupied a fiduciary relation, the statute of limitations cannot be availed of, unless and until a demand on the part of the principal, and a refusal by the trustee, are shown.

Trust.—The Following Language in a Letter Written by One Who has Collected and holds moneys for another, establishes a trust: “It leaves a balance in your favor of $15,000, besides what has accumulated since the estate was fixed up, which I will loan out [at] about nine per cent, being the best I can do at present.”

Where It Appeared that a Special Administrator had been a Trustee for the decedent in her lifetime, and there was a large balance at the time of decedent’s death, for which he should be held accountable, and he has made no statement of his indebtedness or trust in his account rendered as special administrator, he should be charged with the amount of such indebtedness upon the settlement of his account.