Gillespie v. Brooks
New York Surrogate's Court
This was an accounting by the surviving executors, and trustees of the estate of Alfred B. Mount, deceased. Objections to the account were filed by the three daughters, Mrs. Gillespie, Mrs. Carrol, and Mrs. Allen, and the matter was referred to the late Mr. Van Schaick as auditor and referee, and a large amount of testimony was taken, upon the questions involved in the accounting before the referee, but no report was ever made; and the case was argued before the present…
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This was an accounting by the surviving executors, and trustees of the estate of Alfred B. Mount, deceased. Objections to the account were filed by the three daughters, Mrs. Gillespie, Mrs. Carrol, and Mrs. Allen, and the matter was referred to the late Mr. Van Schaick as auditor and referee, and a large amount of testimony was taken, upon the questions involved in the accounting before the referee, but no report was ever made; and the case was argued before the present Surrogate, and submitted to him, on the account, objections, and testimony. The testator died July 17th, 1864, leaving a…
1Opinion of the Court
The Subrogate.
As to the question of the alleged violation of the duty of the trustees in retaining the securities, such as bank and insurance stocks, it is well settled by numerous authorities that the trustees under such circumstances, must invest, the fund in government, or real estate securities (King v. Talbot, 40 N. Y., 76). Justice Woodruff, in that case says, “ my own -judgment after an examination of the subject, bearing *359in mind the nature of the office, its importance, and the consideration which alone induces a man of suitable experience, capacity, and responsibility, to accept its…
2Cases cited12 opinions
- King v. . TalbotNew York Court of Appeals · 1869
- Chouteau v. . SuydamNew York Court of Appeals · 1860
- Peck v. . SherwoodNew York Court of Appeals · 1874
- Sheldon v. FerrisNew York Supreme Court · 1865
- Pinckney v. PinckneyNew York Surrogate's Court · 1850
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3Cited by5 opinions
- In re the Estate of TaftNew York Surrogate's Court · 1932
- Ward v. FordNew York Surrogate's Court · 1879
- In re the Accounting of the & of MartensNew York Surrogate's Court · 1896
- In re the judicial settlement of the account of KeteltasNew York Surrogate's Court · 1889
- In re the accounting of GreenNew Jersey Superior Court Appellate Division · 1883