Ashhurst v. Field's Administrator

26 N.J. Eq. 1
CourtNew Jersey Court of Chancery
DecidedFebruary 15, 1875
StatusPublished
Cited by1 cases

This text of 26 N.J. Eq. 1 (Ashhurst v. Field's Administrator) is published on Counsel Stack Legal Research, covering New Jersey Court of Chancery primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Ashhurst v. Field's Administrator, 26 N.J. Eq. 1 (N.J. Ct. App. 1875).

Opinion

The Chancellor.

Thomas E. Potter, late of Princeton, in this state, by his will, dated October 21st, 1851, after directing that all his just debts and funeral expenses be paid and satisfied as soon after his decease as conveniently might be, devised all his real estate in the county of Mercer, in this state, to his wife Sarah Jane, for life, with remainder in fee to his son John. He then bequeathed to his wife, in lieu of dower, a life annuity of $6000, to be paid to her by his executors, and directed them to set apart and appropriate such part of his estate as would yield that sum; which part so appropriated was to be reserved as a fund for the payment of the annuity. [3]*3Tie next bequeathed to his executors and the survivors and survivor of them, $50,000 in trust for the use of his son James, who, however, subsequently died in the lifetime of the testator. All the rest and residue of his estate, real and persona], wherever it might be situated, and of whatever it might consist, he gave and devised unto his executors and the survivors and survivor of them, in trust nevertheless, for the use of his children, John Potter, William Hubley Potter, Elizabeth Potter, (now Ashhurst,) Alice Potter, (now Lippineott,) and James Potter, to be equally divided between them, share and share alike ; the shares of his sons to be paid to them respectively, as they should attain the age of twenty-one years, the interest, in the meantime, or so much thereof as might be necessary for the purpose, to be applied by his executors to the education and support of his sons; but in the ease of his daughters, the interest of their respective shares was to be paid to them yearly during their lives, and in case they should marry, it was not to bo under the control or liable for the debts of their husbands; and on the death of his daughters, their respective shares were to be equally divided among their children, but if either of them should die without issue, her share was to go to her surviving brothers and sister, equally to be divided between them. And he thereby gave to his executors and the survivors and survivor of them, full power and authority to sell and convey in fee simple the whole or any portion of his real estate not therein specifically devised, and also to sell and dispose of any part of his personal estate whenever in their judgment it might be advisable to do so, and the proceeds of all such sales to invest from time to time in bonds and mortgages or in productive stocks, as they might deem best for the interests of his estate. He appointed his brother, James Potter, and Robert F. Stockton and Richard S. Field, executors. He died in 1853. All of the executors proved the will, but soon after, December 2d, 1859, all of them, except Mr. Field, ceased to act, and, subsequently, their death left him solo surviving executor.

The testator’s estate was very large, and consisted of a large amount of stocks of what was known in this [4]*4state.as the Joint Company (the Camden and Amboy Railroad Company, the Delaware and Raritan Canal Company, and the Philadelphia and Trenton Railroad Company), a large amount of canal and railroad bonds and other stocks of various kinds, bonds and mortgages and notes, and a plantation in Georgia.

On the 21st of January, 1858, his oldest son became of age, and the executors then paid him $127,250, which he received in stocks of the Joint Company, bonds of the Camden and Amboy Railroad Company, bonds of the Delaware and Raritan Canal Company, bonds of the Belvidere Delaware Railroad Company, bonds of the city of Cincinnati and shares of other' stock, and bonds and mortgages and a note. On the 2d of December, 1859, William H. Potter became of age, and they paid ' him $127,345, in like securities. Although there seems to have been no actual allotment for the production of the annuity to the widow, yet it is apparent that the executors considered that they held about $132,000 of the principal of the estate, for that object and the payment of certain charges against the estate and the expenses of the trust. This is called the reserved fund. Nor was any allotment made to either of the daughters, but after the payments to the sons the rest of the estate was held by the executors or the surviving executor in one fund, with no designation of separate interests therein. After the payments had been made to John and William, there remained in the hands of the executors a large number of shares of the stock of the Joint Company. They appreciated in value greatly, and produced large cash and scrip dividends. Some of them were converted by Mr. Field, the surviving executor, into government bonds to the amount of $150,000 ; three hundred and sixty-four shares are held by the receiver appointed in this cause, and one hundred shares were delivered to William H. Potter, March 10th, 1870, as an additional payment .on account of the shares of John and William (the latter held an assignment of his brother’s share of the estate) in the increase of the reserved fund; so that, as reported by the master, the total increase on this investment [5]*5was at least $130,000 in currency, besides cash dividends and interest. Besides the one hundred' shares of stock paid to William, as above mentioned. Mr. Id Id paid to him on the 1st of April, 1867, for himself n.E as assignee of his brother, $20,000 in bonds of the Ojad. u and Amboy Railroad Company, on the same,account, ihe shares of John and William in the increase of the reserved fund. Another railroad stock, that of the Burlington ami Mount Holly Railroad Company, belonging to the fund and held by Mr. Field, also appreciated by stock or scrip dividends. Mr. Field wtm'cd a considerable portion of the late, but before his deadi ho delivered over certain bond1 ; nd stocks, and after his decease his heirs-at-law paid over /«> die receiver $40,000, the proceeds of the sale of Mr. Field’s real estate, towards indemnifying the trust estate for the waste. *

The bill in this cause ivas filed by Mrs. Ashhurst and Mrs. Lippincott and their husbands, and Mrs. Sarah Jane Potter and the children of Mrs. Ashhurst, against the administrator of Mr. Field, and, John Potter and William H. Potter. It prays an account of the residuary estate of Thomas F. Potter, deceased, from the administrator, and of the administration thereof by Mr. Field, and that the administrator may be compelled to make good any part of the principal or interest of the estate of Thomas F. Potter, which may be found to have been lost, wasted or misapplied, and for the appointment of a new trustee; and that the administrator may be compelled to pay, transfer, assign and deliver to the new trustee all money, securities or assets of the trust, and that a receiver may he appointed to take charge of the estate until a new trustee be appointed.

By an order made in this cause, it was referred to Barker Gum mere, esquire, one of the masters of this court, to ascertain and take an account of the funds and securities of the trust fond or estate of the testator, and how the same were invested and held by Mr. Field, and for whose use, and whether for the separate use of any and of which of the parties, and what are the respective rights of the parties in [6]*6the fund, and how much is due from the estate of Mr. Field-to the trust. The cause comes before me now on exceptions filed by the complainants, and exceptions filed by John and William H. Potter, to the report.

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In Re Trust Under Will of Arens
197 A.2d 1 (Supreme Court of New Jersey, 1964)

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Bluebook (online)
26 N.J. Eq. 1, Counsel Stack Legal Research, https://law.counselstack.com/opinion/ashhurst-v-fields-administrator-njch-1875.