New York Life Insurance & Trust Co. v. Baker
New York Court of Appeals
Appeal from a judgment of the Appellate Division of the Supreme Court in the second judicial department, entered March 15, 1899, modifying and affirming as modified a judgment entered upon the report of a referee. The plaintiff, as substituted trustee under the will of James Baker, deceased, brought this action for the purpose of securing an accounting of its trust.
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Appeal from a judgment of the Appellate Division of the Supreme Court in the second judicial department, entered March 15, 1899, modifying and affirming as modified a judgment entered upon the report of a referee. The plaintiff, as substituted trustee under the will of James Baker, deceased, brought this action for the purpose of securing an accounting of its trust. The order appointing the plaintiff as substituted trustee recited that the preceding trustee, James Baker, Jr., had invested the sum of $91,525 in certain bonds of the United States of the par value of $81,000, At the time of the…
1Opinion of the Court
Parker, Ch. J.
The only question arising on this appeal to which reference will he made in this opinion is whether this accounting trustee should have set apart out of the income a sufficient sum each year with which to form a sinking fund of such extent that the principal of the trust would be kept intact and unimpaired. The referee before whom the case was tried decided that it was the duty of the trustee under the will to have so set apart out of the income a sufficient sum each year so that at all times the principal of the fund would be unimpaired, and that because of its failure to do so…
2Cases cited2 opinions
- McLouth v. . HuntNew York Court of Appeals · 1897
- In Re the Final Judicial Settlement of the Annual Accounts of HoytNew York Court of Appeals · 1899
3Cited by21 opinions
- Robertson v. . De BrulatourNew York Court of Appeals · 1907
- Furniss v. . CruikshankNew York Court of Appeals · 1921
- In Re the Accounting of StevensNew York Court of Appeals · 1907
- In re Allis's EstateWisconsin Supreme Court · 1904
- In re the Estate of HilliardNew York Surrogate's Court · 1937
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