Ormiston v. . Olcott
New York Court of Appeals
Appeal from order of the General Term of the Supreme Court, in the third judicial department, made September 24, 1880, reversing an order of the surrogate of the county of Otsego, which denied the petition of the plaintiff that defendant be held personally liable for unpaid interest on securities taken by him as executor and trustee.
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Appeal from order of the General Term of the Supreme Court, in the third judicial department, made September 24, 1880, reversing an order of the surrogate of the county of Otsego, which denied the petition of the plaintiff that defendant be held personally liable for unpaid interest on securities taken by him as executor and trustee. (Reported below, 22 .Hun, 270.) The facts as conceded and found are substantially as follows : Robert Ormiston, late of the town of Springfield, in .the ' county of Otsego, died, leaving a last will and testament, which was admitted to probate by and before the…
1Opinion of the CourtFinch, J.
Our own study of this case, and the very careful researches of the counsel by whom it was argued have alike failed to discover any judicial decision, or any legislative enactment, which directly and in terms declares as the law of this State that an executor or testamentary trustee may not invest the funds in his custody, under any circumstances, in good mortgages upon real estate situate outside of the State. And yet the general drift of authority and considerations relating to the safety of trust funds seem to require that such should be regarded as the general rule, and that investments…
2Cases cited7 opinions
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- Ackerman v. EmottNew York Supreme Court · 1848
- De Forest v. Fulton Fire InsuranceThe Superior Court of New York City · 1828
- Sutherland v. Brush, Crosby & PalmerNew York Court of Chancery · 1823
- Kip v. DenistonNew York Supreme Court · 1809
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3Cited by64 opinions
- In Re the Accounting of Fulton Trust Co.New York Court of Appeals · 1931
- Lámar v. MicouSupreme Court of the United States · 1884
- Costello v. . CostelloNew York Court of Appeals · 1913
- Villard v. . VillardNew York Court of Appeals · 1916
- Wilmerding v. . McKessonNew York Court of Appeals · 1886
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