Home/Appellate Division of the Supreme Court of New York/Central Hanover Bank & Trust Co. v. Williams

Central Hanover Bank & Trust Co. v. Williams

244 A.D. 566, 280 N.Y.S. 314, 1935 N.Y. App. Div. LEXIS 5874
Appellate Division of the Supreme Court of the State of New York·Decided May 31, 1935·Published·Cited by 8 cases

Opinion

Per Curiam.

Section 1547 of the Civil Practice Act does not entitle a receiver Of rents to five per cent of stuns received and disbursed by him as a matter of right, blit only to such Commissions “ not exceeding five per centum ” as the court in the exercise of its judgment may allow. Taking into consideration the magnitude of the operation involved here, the fact that the receiver delegated so many of his duties in accordance with the authority contained in the order of appointment and also the disastrous situation of the bondholders, we are of the opinion that a Commission of two and one-half per cent instead of five per cent would have been sufficient compensation. However, on various occasions there have been made ad interim allowances to the receiver exceeding this percentage upon notice to ah interested parties, and With their express consent or without opposition on their part. For that reason we do not feel justified in requiring the receiver to refund the süms previously allowed, and consider that substantial justice will be done by permitting the receiver to retain these sums and denying his motion for further compensation to May 31, 1934, the date as of which his intermediate account was settled and allowed.

We are further of opinion that the sum of $25,000, as consented • to by the plaintiff, is sufficient compensation for the services rendered by the attorneys for the receiver.

The order should be modified by denying the receiver’s motion for compensation in addition to Compensation previously received and by reducing the total allowance to the receiver’s attorneys to the sum of $25,000, and as so modified affirmed, without costs.

Present — Martin, P. J., Merrell, McAvoy, O’Malley and TJntermyer, Jj.

Order modified by denying the receiver’s motion for compensation in addition to compensation previously received and by reducing the total allowance to the receiver’s attorneys to the sum of $25,000, and as so modified affirmed, without costs*

Free access — add to your briefcase to read the full text and ask questions with AI

Central Hanover Bank & Trust Co. v. Williams, 244 A.D. 566, 280 N.Y.S. 314, 1935 N.Y. App. Div. LEXIS 5874 (N.Y. Ct. App. 1935).

244 A.D. 566 (Central Hanover Bank & Trust Co. v. Williams) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Related

New York State Mortgage Loan Enforcement & Administration Corp v. Milbank Site One Houses, Inc.
151 A.D.2d 424 (Appellate Division of the Supreme Court of New York, 1989)
In re the Arbitration between Arenstein & Huston
142 Misc. 2d 491 (New York Supreme Court, 1988)
Dubiner v. Goldman
42 A.D.2d 843 (Appellate Division of the Supreme Court of New York, 1973)
City of New York v. Big Six Towers, Inc.
59 Misc. 2d 839 (New York Supreme Court, 1969)
Cornell Associates, Inc. v. Euston Properties Corp.
50 Misc. 2d 813 (New York Supreme Court, 1966)
Murphy v. Pfeiffer Glass Co.
15 Misc. 2d 214 (New York Supreme Court, 1958)
Central Hanover Bank & Trust Co. v. Herbst
93 F.2d 510 (Second Circuit, 1937)
Central Hanover Bank & Trust Co. v. National Surety Corp.
163 Misc. 651 (New York Supreme Court, 1937)