In re Randolph
New York Surrogate's Court
Accounting by Obadiah W. F. Randolph, as substituted trustee under the will of Charles F. Randolph, deceased, and as trustee under the will of Edward F. Randolph, deceased. On objections to a loan of trust funds by the trustee. Objections overruled on condition.
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Accounting by Obadiah W. F. Randolph, as substituted trustee under the will of Charles F. Randolph, deceased, and as trustee under the will of Edward F. Randolph, deceased. On objections to a loan of trust funds by the trustee. Objections overruled on condition. Affirmed, without opinion, by Appellate Division, April 19, 1912. While trustees of express trust may now by statute invest in bonds secured by mortgages of real property worth 50 per cent, more than the loan, this permission is coupled with the proviso that such loan is in other respects reasonable and proper! Such is not the case…
1Opinion of the Court
FOWLER, S.
Objections have been made to the account of the substituted trustee, and brought on for hearing, before the surrogate.
On the hearing it appeared that Mr. Randolph, the substituted trustee, out of the trust fund of $21,812.26, with which he charges himself, has loaned $16,000 on a bond of his wife, Anna A. F. Randolph, secured by a first mortgage of her real property. The estate thus mortgaged was held by Mrs. Randolph for a fee-simple estate of inheritance, and she is seised thereof as of her individual and separate property. The property covered by the mortgage is situated in the…
2Cases cited5 opinions
- Adair v. . BrimmerNew York Court of Appeals · 1878
- Eckford v. De KayNew York Court of Chancery · 1840
- Rogers v. PatersonNew York Court of Chancery · 1834
- Smith v. SmithNew York Court of Chancery · 1820
- Bogart & Jackson v. Van VelsorNew York Court of Chancery · 1848
3Cited by7 opinions
- Bryan v. HolzerMississippi Supreme Court · 1991
- In re the Judicial Settlement of the Account of Proceedings of Central Hanover Bank & Trust Co.Appellate Division of the Supreme Court of the State of New York · 1934
- In re the Estate of BlakeNew York Surrogate's Court · 1933
- In re the Judicial Settlement of the Account of Proceedings of Guaranty Trust Co.Appellate Division of the Supreme Court of the State of New York · 1937
- In re the Estate of FrazerNew York Surrogate's Court · 1933
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