Selden v. . Vermilya
New York Court of Appeals
The bill in this cause was filed before the vice chancellor of the first circuit, on the 25th July, 1847, for the partition of lands. On the 2d of October, 1838, Benjamin W. Rogers borrowed of the Farmers’ Loan' and Trust Company $38,000, and to secure the payment thereof he conveyed to that company, in fee, certain lands in Livingston county, described in the bill.
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The bill in this cause was filed before the vice chancellor of the first circuit, on the 25th July, 1847, for the partition of lands. On the 2d of October, 1838, Benjamin W. Rogers borrowed of the Farmers’ Loan' and Trust Company $38,000, and to secure the payment thereof he conveyed to that company, in fee, certain lands in Livingston county, described in the bill. On the same day the company executed and delivered to Rogers a declaration of trust, reciting the loan of $38,000, and the conveyance in fee by Rogers, in trust, and among other things covenanting on the receipt of the money…
1Opinion of the CourtGardner, J.
The original trust to Noyes and Ogden, created in October, 1843, by Rogers, for the benefit of Selden and Vermilya, was, I think, subsequently abrogated by the agreement and acts of all the parties interested. That it has been essentially modified is admitted. According to the provisions of this trust, the trustees were authorized to dispose of the trust property, “ to pay and discharge the bonds and notes then held by the cestuis que trust as they fell due respectively.” To pay off the demands mentioned in the prescribed order, was therefore the object of the trust, as the indebtedness of…
2Cases cited1 opinion
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