BANK OF WESTMINSTER VS. WHYTE. 541

138, that if the transfer of this property is to be regarded as a
mortgage or pledge for the security of a debt, that it would be
the right and the duty of the insolvent trustee to sell it and pay
off the liens and incumbrances thereon, the opinion of the Court
of Appeals in that case being explicit to that effect. But it is
urged, that the transfer here, though made to secure a debt, is
in the nature of a trust, and that the insolvent trustee has no
authority to interfere with the trustee selected by the conven-
tion of the parties, whose right it is to proceed in the discharge
of his duty, undisturbed by any such interference.

It appears to me, however, that, assuming the transaction to
be such as the counsel of the bank has characterized it—that
is, that the property in question, though transferred to Mr.
Fisher absolutely, was nevertheless affected with, and to be re-
garded as subject to, a trust for the payment of the money due
from Suter to the bank; and that parol evidence is admissible
for the purpose of showing the trust, still it seems clearly to
come within the scope of the principles settled by the appellate
court in the case referred to.

Looking to the design of the insolvent laws, as expounded
in that case, which was to secure a prompt, single and harmo-
nious administration of the estate of the insolvent, which
could only be effected by bringing all the parties interested be-
fore one and the same tribunal; it would seem to be essential
that no one should be permitted to participate with the insolv-
ent trustee in the execution of the trust, by which, as observed
by the court in that case, "adverse interests might be created,
delays engendered, if not ensured, and probably different, and
possibly conflicting, tribunals consulted."

Considering that this question is, in effect, settled by the case
in which these remarks were made, I shall pass orders, dissolv-
ing the injunction issued upon the bill of the Bank of West-
minster, and continuing that which issued upon the bill of the
insolvent trustee.

[No appeal was taken from this order.]
VOL.i—46