Legal Opinion
In re the Accounting of Guaranty Trust Co.
New York Surrogate's Court
Decided June 30, 1945PublishedCited by 3 opinions
1Opinion of the Court
Foley, S.
This is an accounting proceeding of the transactions of the surviving trustee, the Guaranty Trust Company of New York, of two trusts created by the will of the testator for the life of his son, John Barry Ryan. The testator died November 28, 1928. The life tenant died February 9, 1942. Objections have been filed by various beneficiaries to the retention by the trustee of its own stock under the general rule of undivided loyalty restated in City Bank Farmers Trust Co. v. Cannon (291 N. Y. 125). In that decision the Court of Appeals held that while ordinarily the acquisition of a…
2Cases cited12 opinions
- Schuylkill Fuel Corp. v. B. & C. Nieberg Realty Corp.New York Court of Appeals · 1929
- City Bank Farmers Trust Co. v. CannonNew York Court of Appeals · 1943
- In re the Judicial Settlement of the Intermediate Account of the Acts & Proceedings of Title Guarantee & Trust Co.Appellate Division of the Supreme Court of the State of New York · 1935
- In re the Estate of BalfeNew York Surrogate's Court · 1934
- In re the Estate of GilfordNew York Surrogate's Court · 1935
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3Cited by3 opinions
- In re the Accounting of KelloggNew York Supreme Court · 1962
- City Bank Farmers Trust Co. v. TaylorSupreme Court of Rhode Island · 1949
- In re the Accounting of Hanover BankNew York Surrogate's Court · 1956