Matter of Final Accounting of Gerry
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme Court in the first judicial department, entered upon an order made the first Monday of May, 1885, which afiirmed, so far as appealed from, a judgment of the Special Term in proceedings for the settlement of the accounts of Elbridge T. Gerry, as sole trustee of certain trusts created by the will of Peter P. Goelet, deceased. The material facts are stated in the opinion.
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Appeal from judgment of the General Term of the Supreme Court in the first judicial department, entered upon an order made the first Monday of May, 1885, which afiirmed, so far as appealed from, a judgment of the Special Term in proceedings for the settlement of the accounts of Elbridge T. Gerry, as sole trustee of certain trusts created by the will of Peter P. Goelet, deceased. The material facts are stated in the opinion. Dividends, whether ordinary or extraordinary, belong to the life-tenant; though if shares be given they are capital, and belong to the remaindermen. (Clarkson v. Clarkson,…
1Opinion of the Court
Ruger, Ch. J.
The matter here in controversy arises be tween the representatives of the life estate, and certain remaindermen, with reference to the proper distribution between them, of an increase in the amount of the trust fund, discoverable upon a sale of the securities in which it was invested, after the life estate terminated.
The fund was created in the year 1828 under the will of Peter P. Goelet, devising to his executors as trustees the sum of $50,000, to invest “ in funded stock of the United States, or of the State of Hew York, or in good bonds and mortgages on real estate,” with…
2Cases cited2 opinions
- Cogswell v. CogswellNew York Court of Chancery · 1834
- Townsend v. United States Trust Co.New York Surrogate's Court · 1877
3Cited by41 opinions
- McLouth v. . HuntNew York Court of Appeals · 1897
- Boardman v. MansfieldSupreme Court of Connecticut · 1907
- In re the Estate of EgerNew York Surrogate's Court · 1931
- Gartenlaub v. Union Trust Co.California Supreme Court · 1926
- Old Colony Trust Co. v. ComstockMassachusetts Supreme Judicial Court · 1935
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