Chase National Bank v. United States Trust Co.

On December 19, 1930, Harris Sokolski, then about eighty years of age, conveyed to defendant trust company property valued at approximately $1,667,650, in trust, the income to. be paid to his wife for life with remainder to various of his relatives and to certain charitable institutions.

At that time plaintiff held two promissory notes for $61,500 and $58,500, made by Fifth Avenue & 28th Street Realty Co., Inc., and indorsed by Mr. Sokolski. The first named note was payable *501December 26, 1930, and, when later reduced by a payment of $2,500 to $59,000, was renewed in that sum, indorsed by Mr.…