Legal Opinion
In re the Accounting of City Bank Farmers Trust Co.
New York Surrogate's Court
Decided August 19, 1953PublishedCited by 4 opinions
1Opinion of the Court
Collins, S.
The objections to the intermediate account of the successor trustee relate chiefly to three investments in mortgage participations. It is charged (1) that the trustee exceeded its authority in making such investments because it has no power under the will to invest in mortgage participations; *664(2) that each of the three investments involved self-dealing on the part of the trustee; and finally that, in any event, one of the mortgages was not a legal investment because it contained a demolition clause.(1) The will authorizes the trustee to retain “ all stocks, bonds and other…
2Cases cited2 opinions
- In Re the Accounting of StupackNew York Court of Appeals · 1937
- In re the Liquidation of New York Title & Mortgage Co.New York Supreme Court · 1936
3Cited by4 opinions
- In re the Accounting of Hanover BankAppellate Division of the Supreme Court of the State of New York · 1954
- In re the Estate of Van DeusenAppellate Division of the Supreme Court of the State of New York · 1971
- In re the Accounting of United States Trust Co.New York Surrogate's Court · 1956
- In re the Accounting of City Bank Farmers Trust Co.Appellate Division of the Supreme Court of the State of New York · 1954