Brown v. Rickets
New York Court of Chancery
THE Master, in pursuance of the decretal order in this cause, (vide S. C. vol. 3. p. 553.) by which he was direct-, ed, “ to take an account of the proceeds of the fund created by the will of the testator, to pay legacies, and the amount of the debts and funeral expenses, and to make to the defendants all just allowances, and to examine-the parties upon interrogatories, as he should deem necessary,” reported a balance due to the plaintiff, out of the fund, of 2,936 dollars,…
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THE Master, in pursuance of the decretal order in this cause, (vide S. C. vol. 3. p. 553.) by which he was direct-, ed, “ to take an account of the proceeds of the fund created by the will of the testator, to pay legacies, and the amount of the debts and funeral expenses, and to make to the defendants all just allowances, and to examine-the parties upon interrogatories, as he should deem necessary,” reported a balance due to the plaintiff, out of the fund, of 2,936 dollars, 30 cents, and charged the defendants With interest on the net proceeds of the sales by them, of certain houses and lots…
1Opinion of the Court
The Chancellor.
It is the established doctrine of the Court, that an executor, or other trustee, cannot be permitted to convert trust funds to his own use, without being responsible for the profits of the money. He is not to make any gain to himself from the use of the funds, but it must all be accounted for to the cesiuy que trust. So, if an executor, or other trustee, mingles the trust moneys with his own, so as to answer the purpose of credit, or if he puts the money in jeopardy, by involving it in the risk of his trade, he must answer for what it may reasonably be supposed to have made. I…
2Cited by8 opinions
- Planters' Bank v. SharpSupreme Court of the United States · 1848
- In re McKayNew York Surrogate's Court · 1893
- Piatt v. OliverU.S. Circuit Court for the District of Ohio · 1840
- In re the Judicial Settlement of the Estate of WoodburyNew York Surrogate's Court · 1903
- Commonwealth ex rel. Huston v. MateerSupreme Court of Pennsylvania · 1827
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