Where a trust has been constituted, the title deeds are properly left in the trustee's custody, and if he uses them, in breach of trust, for the purpose of creating an equitable incumbrance, the beneficiary's title will prevail over that of the incumbrancer1. If, however, the trustee is authorised to dispose of the property, and purports to dispose of it in accordance with his authority, the beneficiary will be postponed to an equitable mortgagee2 unless the disposition is in substance one not authorised by the trust3.
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