In Re the Accounting of Hayden
New York Court of Appeals
Appeal from an order of the Appellate Division of the Supreme Court in the second judicial department, entered July 27, 1911, which affirmed a decree of the Queens County Surrogate’s Court granting a petition of the substituted trustee of trusts created by the will of Henry Allen, deceased, to compel the executors of the former trustee, deceased, to turn over certain securities. The facts, so far as material, are stated in the opinion.
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Appeal from an order of the Appellate Division of the Supreme Court in the second judicial department, entered July 27, 1911, which affirmed a decree of the Queens County Surrogate’s Court granting a petition of the substituted trustee of trusts created by the will of Henry Allen, deceased, to compel the executors of the former trustee, deceased, to turn over certain securities. The facts, so far as material, are stated in the opinion. The loss of the trust fund was not caused by any act of Mr. Hayden’s executors, nor any omission on their part to do any act which they had any legal right or…
1Opinion of the CourtWerner, J.
The appellants in this proceeding are the executors of a deceased executor, and the respondent is the ultimate beneficiary or remainderman of a trust fund which was despoiled by an unfaithful attorney to whom it had been intrusted for investment. The question is — who shall bear the loss ? Thus far the courts have decided that it must be borne by the appellants, and the theory upon which their liability has been predicated is that they were negligent in not taking personal possession of the fund or the securities in which it may have been invested. The correctness of this conclusion depends…
2Cases cited1 opinion
- In Re the Judicial Settlement of the Account of MoehringNew York Court of Appeals · 1897
3Cited by13 opinions
- Crowe v. HogeboomAppellate Division of the Supreme Court of the State of New York · 1927
- In re the Estate of HurleyNew York Surrogate's Court · 1933
- John William Costello Associates, Inc. v. Standard Metals Corp.New York Supreme Court · 1982
- In re the Estate of MorrellNew York Surrogate's Court · 1935
- In re the Estate of MorriseyNew York Surrogate's Court · 1939
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