In re Bank of Niagara
New York Court of Chancery
The receivers of the property and effects of the Bank of Niagara, an insolvent corporation, were directed by an order of the chancellor, to pass their accounts before the vice chancellor or the taxing master of the eighth circuit, preparatory to a final distribution of the funds of the corporation among its creditors.
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The receivers of the property and effects of the Bank of Niagara, an insolvent corporation, were directed by an order of the chancellor, to pass their accounts before the vice chancellor or the taxing master of the eighth circuit, preparatory to a final distribution of the funds of the corporation among its creditors. And upon the passing of such accounts the vice chancellor or master was directed to allow them, for their time and trouble including the payment of the balance of the fund in their hands to the creditors on. the final distribution, in addition to their actual disbursements in…
1Opinion of the Court
The Chancellor.
The master who has passed this account has entirely misapprehended the rule of law as to the allowance of commissions to executors and administrators, as well as the principle upon which such commissions should b,e computed; the result of which is that he has allowed the receivers, in addition to the per diem allowance claimed by them for their services in the execution of the trust, about ten per cent upon the whole amount of the fund which has been received and expended, or which is hereafter to be paid out by them. He was also wrong in allowing the $280,62 by way of…
2Cited by17 opinions
- Collier v. . MunnNew York Court of Appeals · 1869
- Betts v. BettsNew York Supreme Court · 1878
- Adams v. WoodsCalifornia Supreme Court · 1857
- In re the Judicial Settlement of the Account of PoppAppellate Division of the Supreme Court of the State of New York · 1907
- Moe v. Thomas McNally Co.Appellate Division of the Supreme Court of the State of New York · 1910
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