King v. . Talbot
New York Court of Appeals
These were actions brought separately by William Yernon King, Anna Henrietta King, and Arthur King, the three children of Charles W. King, deceased, against the surviving executor and the administrator of a deceased executor of said Charles, for an account of the moneys due them respectively, for the principal and accumulations of their respective legacies under their father’s will, and for the payment over of the amounts found due.
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These were actions brought separately by William Yernon King, Anna Henrietta King, and Arthur King, the three children of Charles W. King, deceased, against the surviving executor and the administrator of a deceased executor of said Charles, for an account of the moneys due them respectively, for the principal and accumulations of their respective legacies under their father’s will, and for the payment over of the amounts found due. The causes were tried together at Special Term, before a justice of the Supreme Court, from whose decrees, all parties appealed to the General Term, where they…
1Opinion of the CourtWoodruff, J.
It is conceded, that in England, the rule is,. and has long been settled, that a trustee, holding funds to invest for the benefit of his cestui gue trust, is bound to make such investment in the public debt, for the safety whereof the -, faith of them government is pledged; or in loans, for which-real estate is pledged as security. And that, although, the terms of the trust commit the investment, in general-terms, to the discretion of the trustee, that discretion is controlled by the above rule, and is to be exercised within the very narrow limits, which it prescribes.
As a purely arbitrary…
2Cases cited3 opinions
- Williamson v. WilliamsonNew York Court of Chancery · 1837
- Meacham v. SternesNew York Court of Chancery · 1842
- Dunscomb v. DunscombNew York Court of Chancery · 1815
3Cited by287 opinions
- Rajamin v. Deutsche Bank National Trust Co.Court of Appeals for the Second Circuit · 2014
- In re the Estate of RothkoNew York Court of Appeals · 1977
- Adair v. . BrimmerNew York Court of Appeals · 1878
- In Re the Accounting of Fulton Trust Co.New York Court of Appeals · 1931
- Moore-McCormack Lines, Inc. v. RichardsonCourt of Appeals for the Second Circuit · 1961
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