In re the Accounting of Bank of New York & Fifth Avenue Bank

New York Surrogate's Court

In re the Accounting of Bank of New York & Fifth Avenue Bank

198 Misc. 395, 100 N.Y.S.2d 726, 1950 N.Y. Misc. LEXIS 2179

CourtNew York Surrogate's Court

DecidedMay 12, 1950

StatusPublished

Cited by3 cases

This text of 198 Misc. 395 (In re the Accounting of Bank of New York & Fifth Avenue Bank) is published on Counsel Stack Legal Research, covering New York Surrogate's Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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In re the Accounting of Bank of New York & Fifth Avenue Bank, 198 Misc. 395, 100 N.Y.S.2d 726, 1950 N.Y. Misc. LEXIS 2179 (N.Y. Super. Ct. 1950).

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Opinion

Collins, S.

The accounting corporate trustee requests that decedent’s will be construed for the purpose of determining the extent of the trustee’s investment powers, particularly with respect to common trust funds maintained by the trustee in accordance with section 100-c of the Banking Law. (See Mullane v. Central Hanover Bank & Trust Co., 339 U. S. 306 [April 24, 1950].) The first sentence of the tenth article of the will grants to the trustee a power of sale and authority to reinvest the proceeds of the sale of real or personal property “ in such manner and in such securities as shall seem best.” A later provision in the same article limits reinvestments of the personal estate in nonlegals to those approved in writing by the persons entitled at the time to the income of the trusts. A similar provision was considered in Matter of Emmet (N. Y. L. J., Feb. 16, 1940, p. 739, col. 4).

The court holds that the will authorizes the trustee to invest in legal investments, including units of participation in a legal common trust fund maintained by the trustee pursuant to the Banking Law and, provided the consents required by the will are procured, in a discretionary common trust fund maintained by the trustee pursuant to the statute (Matter of Hoagland, 194 Misc. 803, affd. 272 App. Div. 1040, affd. 297 N. Y. 920). Nothing in the will requires that the consents of interested persons be procured in respect of the sale of property.

Submit decree on notice construing the will and settling the account.

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Collins, S.

The accounting corporate trustee requests that decedent’s will be construed for the purpose of determining the extent of the trustee’s investment powers, particularly with respect to common trust funds maintained by the trustee in accordance with section 100-c of the Banking Law. (See Mullane v. Central Hanover Bank & Trust Co., 339 U. S. 306 [April 24, 1950].) The first sentence of the tenth article of the will grants to the trustee a power of sale and authority to reinvest the proceeds of the sale of real or personal property “ in such manner and in such securities as shall seem best.” A later provision in the same article limits reinvestments of the personal estate in nonlegals to those approved in writing by the persons entitled at the time to the income of the trusts. A similar provision was considered in Matter of Emmet (N. Y. L. J., Feb. 16, 1940, p. 739, col. 4).

The court holds that the will authorizes the trustee to invest in legal investments, including units of participation in a legal common trust fund maintained by the trustee pursuant to the Banking Law and, provided the consents required by the will are procured, in a discretionary common trust fund maintained by the trustee pursuant to the statute (Matter of Hoagland, 194 Misc. 803, affd. 272 App. Div. 1040, affd. 297 N. Y. 920). Nothing in the will requires that the consents of interested persons be procured in respect of the sale of property.

Submit decree on notice construing the will and settling the account.

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Bluebook (online)

198 Misc. 395, 100 N.Y.S.2d 726, 1950 N.Y. Misc. LEXIS 2179, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-the-accounting-of-bank-of-new-york-fifth-avenue-bank-nysurct-1950.

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