Legal Opinion
In re the Accounting of President & Directors of the Manhattan Co.
New York Surrogate's Court
Decided January 17, 1951Published
1Opinion of the Court
Henderson, S.
In this proceeding to judicially settle the account of the successor trustees, a motion has been made to modify the Beferee’s report.
The principal issue raised by the motion presents a problem under section 17-c of the Personal Property Law.
On August 16, 1927, the prior trustees invested $108,000 in first mortgages on certain parcels of real estate in Jackson Heights, New York City. Because of defaults in the mortgages the trustees acquired these parcels of property between the years 1932 and 1938. On February 1, 1941, they were sold by the successor trustees as one parcel. A…
2Cases cited8 opinions
- Demorest v. City Bank Farmers Trust Co.Supreme Court of the United States · 1944
- In Re the Accounting of Bankers Trust Company, as Trustee Under the Will of OtisNew York Court of Appeals · 1937
- Chase National Bank v. Guardian Realties, Inc.New York Court of Appeals · 1940
- City Bank Farmers Trust Co. v. Ardlea Corp.New York Court of Appeals · 1935
- In Re the Estate of WestNew York Court of Appeals · 1943
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