Corn Exchange Bank Trust Co. v. Bankers Trust Co.
New York Court of Appeals
A trustee is entitled to be reimbursed for necessary legal expenses and disbursements and it is immaterial that there are no provisions for such expenses in the instrument of trust. (Wood-ruff v. N. Y., L. E. & W. B. R. Co., 129 N. Y. 27; Matter of Maxwell, 218 N. Y. 88; Schoenherr v. Van Meter, 215 N. Y. 548; Downing v. Marshall, 37 N. Y. 380; Rensselaer & S. R. R. Co. v. Miller, 47 Yt. 146; Bissell v. Butterworth, 118 Atl.
Read the full summary
A trustee is entitled to be reimbursed for necessary legal expenses and disbursements and it is immaterial that there are no provisions for such expenses in the instrument of trust. (Wood-ruff v. N. Y., L. E. & W. B. R. Co., 129 N. Y. 27; Matter of Maxwell, 218 N. Y. 88; Schoenherr v. Van Meter, 215 N. Y. 548; Downing v. Marshall, 37 N. Y. 380; Rensselaer & S. R. R. Co. v. Miller, 47 Yt. 146; Bissell v. Butterworth, 118 Atl. Rep. 50; Collier v. Munn, 41 N. Y. 143.) There is nothing in the language of the deed of trust to take the case out of the general rule, or to indicate any intent that…
1Opinion of the Court
Ceane, Ch. J.
On the 9th day of May, 1929, Margaret P. Daly, of Hamilton, Montana, by instrument, duly executed, made the Corn Exchange Bank, doing business in the city and State of New York, a trustee of certain personal property, consisting of stock and bonds, to pay the income thereof to her son, Marcus Daly, during his life, and upon his death to apply the same to the use, maintenance and support of his son, Marcus Daly, 3d, being the grandson of the settlor. Upon the death of the grandson, the principal is to go in equal shares to his children, or in the absence of any such children, to…
2Cases cited2 opinions
- Downing v. . MarshallNew York Court of Appeals · 1867
- In Re the Accounting of MaxwellNew York Court of Appeals · 1916
3Cited by11 opinions
- In Re Euro-American Lodging Corp.United States Bankruptcy Court, S.D. New York · 2007
- In re the Estate of HaydenNew York Surrogate's Court · 1939
- In re the Estate of ZieglerNew York Surrogate's Court · 1939
- Neary v. City Bank Farmers Trust Co.Appellate Division of the Supreme Court of the State of New York · 1940
- In re the Estate of RosenbergNew York Surrogate's Court · 1938
6 more not listed; retrieve them via the Exa API.