Davis v. . Stover
New York Court of Appeals
Appeal from judgment of the General Term of the Courp of Common Pleas for the city and county of New York-, affirming a judgment in favor of plaintiff entered upon the report of a referee. This action was brought by plaintiff as receiver of the Ocean National Bank of the city of New York, upon four promissory notes, executed by defendant Brown as maker, and defendant Stover as indorser, held by said bank. Defendant Stover, alone was served.
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Appeal from judgment of the General Term of the Courp of Common Pleas for the city and county of New York-, affirming a judgment in favor of plaintiff entered upon the report of a referee. This action was brought by plaintiff as receiver of the Ocean National Bank of the city of New York, upon four promissory notes, executed by defendant Brown as maker, and defendant Stover as indorser, held by said bank. Defendant Stover, alone was served. He set up as a counter-claim, a claim for services rendered by him upon the employment of plaintiff as receiver for the benefit of the estate. Hpon ■the…
1Opinion of the CourtRapallo, J.
It is well established, that a receiver, executor or trustee, has the right to defray, out of the trust fund in his hands, expenses necessary for its protection, and where a debtor to the estate is employed to perform necessary services for its benefit, we see no objection to the trustee or receiver applying to the payment of the expense thus incurred the demand which he, as receiver or trustee, had against the person employed. The same result could be accomplished by paying the party for his services and immediately taking back the money so paid in satisfaction of the debt due to the estate.…
2Cited by7 opinions
- Anthracite Trust Co. Mears's AppealSupreme Court of Pennsylvania · 1935
- United States Trust Co. v. StantonNew York Court of Appeals · 1893
- Meyer v. HazardNew York Supreme Court · 1888
- Dannat v. JonesNew York Surrogate's Court · 1884
- Eames v. BaggAppellate Division of the Supreme Court of the State of New York · 1896
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