President of Farmers' Bank v. Clarke

Alvey, J., delivered the opinion of this Court: The record before us embraces two appeals taken by the same parties, from orders of the Circuit Court for Prince George’s county, as a Court of Equity. The first of these appeals, being that taken from the order of the 28th of December, 1865, overruling exccptio is to, and ratifying, the sale made and reported by the trustees, presents three distinct grounds of objection to the sale: 1st. That due and legal notice as required by the decree of sale, was not given, and for want of such sufficient notice the land was not fairly put into market, and consequently there was not proper competition at the sale. 2d. That the price obtained for the land was inadequate. 3d.

That the sale was eifeeted at the price reported, by collusion between Wilson, the, purchaser, and a certain David P. Moore, who was also a bidder at the sale. These propositions embrace the full scope of the exceptions: 1. While it is fully conceded that the notice given of the first proposed sale was ample, it is contended that that given of the deterred sale was insufficient, and that the sale made on the 24th of October, 1865, should be set aside because other ¹⁵⁴ notice than the publication of the advertisement in the two Marlboro’ papers was contemplated by the decree authorizing and directing the sale of .the property. We think, however, that the notice actually given, under the circumstances of the case, and in the absence of any evidence of surprise or prejudice to those interested, was sufficient.

It is true, the decree directed the trustees to give at least three weeks previous notice of the time, place, manner and terms of sale, by .advertisement inserted in the newspapers printed in Upper Marlboro’, mid such other notice as they should think proper. This discretion conferred upon the trustees was exercised to the fullest extent in reference to the first offer of the property, and it seems to have wholly failed in bringing together any considerable number of persons at the time and place designated for the sale, or of producing any competition whatever among bidders. After this first effort, we think the trustees were justified in concluding that a more extensive publication of the notice than in the two Marlboro’ papers was useless, and would but entail unnecessary expense upon the estate, which it was their duty to avoid, if it could be done without prejudice to those interested in obtaining the largest price for the property. That the efforts of the trustees were to obtain a fair price, and that they acted in all that was done from the best motives, are facts uncontroverted.

They have sworn that the sale was fairly made, and we are bound to accept their statement as true, until shewn to be otherwise. This exception, as to the insufficiency of notice, stands upon the nahed allegation, without the least attempt to show that there were persons who would likely have been bidders at the sale, left uninformed, or who were deceived or misled by the want of more extensive notice than was actually given. We can perceive no reason therefore for regarding the notice given by the trustees as insufficient, under all the circumstances of the case. 2. The next point is as to the inadequacy of price.

This exception was attempted to be sustained by proof taken under the order of the Court; but in our opinion, the exceptant ¹⁵⁵ failed. There seems to be a great contrariety of opinion among the witnesses examined, as to the value of the land. One thing, however, seems to be clearly established by the evidence, and that is, the farm was in bad condition, and such as most likely to detract seriously from its value in the estimation of bidders. While many of the witnesses estimated the value of the land higher than the price accepted by the trustees, none of them were willing to become purchasers at