Roosevelt v. Roosevelt
The Superior Court of New York City
Trial by the court. This action was brought by Charles Y. Roosevelt against James A. Roosevelt, as surviving trustee for the said Charles Y. Roosevelt, for alleged imprudence, negligence and carelessness in loaning trust funds, and in the performance of his duty as trustee. James I. Roosevelt died April 5, 1875, leaving a last will and testament, appointing James A. Roosevelt and Theodore Roosevelt exebutors and trustees thereof.
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Trial by the court. This action was brought by Charles Y. Roosevelt against James A. Roosevelt, as surviving trustee for the said Charles Y. Roosevelt, for alleged imprudence, negligence and carelessness in loaning trust funds, and in the performance of his duty as trustee. James I. Roosevelt died April 5, 1875, leaving a last will and testament, appointing James A. Roosevelt and Theodore Roosevelt exebutors and trustees thereof. Said will was admitted to probate April 15, 1875, and said executors duly qualified and entered upon the discharge of their duties. The fifth clause of said will…
1Opinion of the CourtSpeir, J.
The testator, James A. Roosevelt, by his *452will appointed his two nephews, James A. and Theodore Roosevelt, executors and trustees to administer his estate. The cash value of the estate to be invested by the trustees amounted to about $2,000,000. After the trustees came into the possession of the estate, and had reduced it to cash, it was their plain duty to invest the fund in proper securities within a reasonable time, and avoid the responsibility for the accumulations of interest which otherwise it might have yielded.
Under the will the investment is committed in general terms to the…
2Cited by1 opinion
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