In re Hudson River Trust Co.

This proceeding was instituted for the purpose of enforcing the payment of two promissory notes made by Arthur Gifford in his lifetime to Hudson River Trust Company, Hudson, N. Y., as part of contributions made by the directors of the trust company to repair its capital structure. On April 1, 1931, the directors of the Hudson River Trust Company, including the decedent, Arthur Gifford, made, executed and delivered to the trust company their promissory notes, each in the sum of $3,000, without interest, subject to the terms of an agreement which was not made public, for the repayment of the…