Macy v. Mercantile Trust Co.
New Jersey Court of Chancery
Heard on bill, answer and cross-bill, replication and proofs. Complainants are executors of the will of Oliver S. Carter, a resident of the county of Essex, who died-June 28 th, 1901. They settled their final accounts as executors in the orphans court of Essex county and on October 17th, 1903, a decree was made by this court on the final settlement and allowance of the account, by which it was decreed that there was a balance in their hands of $2,151,966.22, to be disposed…
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Heard on bill, answer and cross-bill, replication and proofs. Complainants are executors of the will of Oliver S. Carter, a resident of the county of Essex, who died-June 28 th, 1901. They settled their final accounts as executors in the orphans court of Essex county and on October 17th, 1903, a decree was made by this court on the final settlement and allowance of the account, by which it was decreed that there was a balance in their hands of $2,151,966.22, to be disposed of according to law, from which it was further ordered that sums amounting in the aggregate to $94,934.20 be deducted for…
1Opinion of the Court
Emery, V. C.. At the hearing of the cause three points were raised — first, whether the trust company as residuary legatee under the will could be obliged, against its consent, to accept any securities for investments made by the executors, instead of cash, in payment or satisfaction of the legacy; and if so, then, second, whether the mortgages were investments authorized to.be made by the executors; and third, whether, if so authorized, they were sufficient securities for the loans made on them.
Being satisfied that the objection to tire sufficiency of the securities was made in good faith,…
2Cases cited1 opinion
- Ormiston v. . OlcottNew York Court of Appeals · 1881
3Cited by12 opinions
- In Re WardNew Jersey Superior Court Appellate Division · 1936
- The Pennsylvania Company, C. v. GillmoreNew Jersey Court of Chancery · 1948
- Dickerson v. Camden Trust Co.New Jersey Court of Chancery · 1947
- In Re ShawNew Jersey Superior Court Appellate Division · 1937
- Brown v. Fidelity Union Trust Co.New Jersey Court of Chancery · 1944
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