Hicks v. Porter

90 Tenn. 1
CourtTennessee Supreme Court
DecidedFebruary 17, 1891
StatusPublished
Cited by3 cases

This text of 90 Tenn. 1 (Hicks v. Porter) is published on Counsel Stack Legal Research, covering Tennessee Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Hicks v. Porter, 90 Tenn. 1 (Tenn. 1891).

Opinion

Ed Baxtee, Sp. J.

A. J. Porter died testate in Davidson County, Tennessee, on February 11, 1888, having first made his last will, by which he gave to his wife all of his furniture, books, pictures, plate, etc., and directed that the residue of his property, real and personal, should he distributed between his wife and children in such way and manner as is provided by the laws of the State.

He appointed his wife and E. D. TIicks his executors, with power to sell all, or any part of his estate, and re-invest the proceeds, and to appoint commissioners for-the partition of any portion of his estate.

The executors paid off all known debts of the estate, and on August 22, 1888, passed their accounts before the County Court, with a view to a final settlement of their administration.

On September 8, 1888, the executors filed a bill in the Chancery Court at Nashville against the four children of the testator, three of whom were minors without any general guardian.

The bill stated, among other things, that the executors then had in their hands $18,046.36 in cash, for the general' purposes of the trust; and notes not due, stocks, bonds, and judgments to a large amount; and that the real estate of the testator was valued at about $84,000.

The bill further stated that several serious difficulties had arisen in the administration of the trust; and among them the delicate duty of them[4]*4selves appointing commissioners to set apart to one of the complainants, who was the widow of the testator, her share of the estate; and the impossibility, after faithful effort, of securing suitable persons to act as guardians for the minor children; that among the assets were certificates of American Cotton-seed Trust to the nominal amount of $80,-700, and the question was submitted to the Court whether that asset should not at once be divided in kind, giving to the adults their shares, and the Court deciding what was best for the minors.

The bill prayed that complainants be permitted to bring into Court the assets in their hands, and, having passed their accounts, to be permitted to resign their trusts; that the estate, real and personal, be divided among those entitled, dower being assigned to the widow; that the minors be made wards of the Court, and their shares in the estate, real and personal, be taken charge of and managed by the Court.

The complainants filed as an exhibit to the bill, a list of assets, in which was included the certificates of American Cotton-seed Trust, of the nominal value of $80,700; and the complainants stated that they were then worth $5,000 or $6,000 more than when received by the complainants; and that they had been held at the request of members of the family and friends, and under the power given in the will to ' re-invest. A list of the real estate was also filed, the value of it being $83,850.

On October 2, 1888, N. L. Malone, a practicing [5]*5solicitor of tlie Court, was appointed guardian ad litem for the three minor children, “to appear and defend their interests in this cause.”

On the next day he • filed a formal auswer, placing “their interest under the care of . the Court.”

On October 31, 1888, a decree was rendered that the executors should pass their accounts before the Clerk and Master, and pay over to the Clerk and Master the balance that might he found in their hands, and also all stocks, bonds, notes, and other choses in action, and personal property of every description held by them; that the Clerk and Master should report the cash value of all personal assets turned over to him by complainants; and that ah account should be taken of the advancements made by the testator to his children: Commissioners were appointed to set apart a year’s support, and to allot dower to the widow, and to partition the real estate among those entitled.

The complainants passed their accounts before the Clerk and Master. The settlement made by them with the County Court was taken as prima facie correct, and no attempt was made to surcharge or falsify it.

The Clerk and Master reported a cash balance in their hands of $18,715.57, and a large amount of notes, stocks, bonds, etc., belonging to the estate, the estimated cash value of which was $63,004.71. The American Cotton-seed Oil Trust certificates, of the nominal value of $80,720.98, [6]*6were estimated to be worth $44,487.53; and two notes executed by Maria E. Crutcher, aggregating nominally $17,513.47, were estimated to be worth $5,000. '

The advancements were collated, and the cash and good personal assets were distributed. The share of each minor child amounted to $22,359.56, and the shares of the three minors aggregated $67,078.68.

The commissioners set apart $4,500 as a' year’s support for the widow and her minor children.

There does not seem to have been any litigation, or even controversy, in regard to the settlement of complainants’ accounts, or the distribution of the personalty, or the year’s support.

On November 20, 1888, the report of the Clerk and Master as to complainants’ settlement and the distribution of the personalty, and the report of the commissioners as to the . year’s support, were confirmed without exception; and it was ordered that upon the complainants paying into the hands of the Clerk and Master the cash and personal assets in their hands, they should be fully discharged of their trust.

It was ordered that the shares of the minors in the cash and the notes, stocks, bonds, and choses in action, etc., which were undoubtedly good, should be carried to the account of each of the minors respectively; that those of said stocks, bonds, and choses in action, etc., as to which there was any doubt, should be retained for the present [7]*7undivided; but as to the shai’es of the cotton-seed oil trust, the Clerk and Master was ordered to take proof, and report whether all, or at least the shares of the minor defendants, should be retained or sold. It was further ordered that the share of an adult married daughter in the real estate of the testator should be subjected to a lien to secure the excess of her advancements over her distributive share.

It was further ordered that Demoss & Malone, solicitors for complainants, be paid $500 in full for all services; and that N". D. Malone, guardian ad, litem for the minor defendants, be paid $100 “for his services rendered up to this date,” it appearing to the Court that it was reasonable and that there was no necessity for a reference, said sum to be “in full payment of his services up to this date.” The Clerk and Master was directed to lend out, on call, upon good collaterals, the cash of the minor defendants.

It seems that the guardian ad litem, E. D. Malone, between November 26 and December 5, 1888, took the statement of nine witnesses as to the advisability of selling the American Cottonseed Oil Trust certificates. Six of, the witnesses regarded it as a speculative stock, unfit for an investment of minors’ property. One of them stated that the testator, • a few days before his death, had sold $20,000 of it at $81.56 per $100.

Two of the witnesses advised against the sale of the stock at that time, believing that by June, [8]*81889, it would go higher. The remaining witnesses-expressed no' opinion as to the advisability of a. sale. The stock seems to have fluctuated from 70-to 24 cents on the dollar; and about December 3,.

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Related

Dale v. Hartman
6 S.W.2d 319 (Tennessee Supreme Court, 1928)
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1 Tenn. App. 246 (Court of Appeals of Tennessee, 1925)
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27 App. D.C. 500 (D.C. Circuit, 1906)

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Bluebook (online)
90 Tenn. 1, Counsel Stack Legal Research, https://law.counselstack.com/opinion/hicks-v-porter-tenn-1891.