Peabody v. . Kent
New York Court of Appeals
Appeal from a judgment, entered December 6, 19.12, upon an order of the Appellate Division of the Supreme Court in the second judicial department, .which reversed an interlocutory judgment of Special Term in favor of defendant, appellant, and directed judgment of foreclosure and sale in an action to foreclose a purchase-money mortgage. The facts, so far as material, are stated in the opinion.
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Appeal from a judgment, entered December 6, 19.12, upon an order of the Appellate Division of the Supreme Court in the second judicial department, .which reversed an interlocutory judgment of Special Term in favor of defendant, appellant, and directed judgment of foreclosure and sale in an action to foreclose a purchase-money mortgage. The facts, so far as material, are stated in the opinion. The trusts sought to be created by the trust deeds of September 28, 1869, are illegal and invalid under the laws of this state in so far as the real estate situated in the state of New York was sought to…
1Opinion of the Court
Willard Bartlett, Ch. J.
This is a suit to foreclose a purchase-money mortgage for $90,000. The property covered by the mortgage belonged in 1869 to George Peabody of Massachusetts, the noted philanthropist. In that year he conveyed it, together with lands situated in other states, to three persons in trust “ to manage, sell and dispose of the same upon such terms and in such manner as they shall deem best and to reinvest the proceeds and accruing interest and proceeds thereof.” At the expiration of five years from the date of the trust deed, the trustees were directed to divide the trust fund…
2Cases cited3 opinions
- Garvey v. . McDevittNew York Court of Appeals · 1878
- Parkinson v. . ShermanNew York Court of Appeals · 1878
- Gifford v. Father Matthew Total Abstinence Benefit SocietyNew York Court of Appeals · 1887
3Cited by5 opinions
- Ross v. RossAppellate Division of the Supreme Court of the State of New York · 1931
- Rochester Savings Bank v. Stoeltzen & Tapper, Inc.New York Supreme Court · 1941
- Green Point Savings Bank v. KrokowAppellate Division of the Supreme Court of the State of New York · 1932
- Linke v. CurleyAppellate Division of the Supreme Court of the State of New York · 1929
- Rosenblum v. CohenAppellate Division of the Supreme Court of the State of New York · 1939