In re the Estate of Bullen

New York Surrogate's Court

In re the Estate of Bullen

30 Misc. 2d 407, 219 N.Y.S.2d 444, 1961 N.Y. Misc. LEXIS 2398

CourtNew York Surrogate's Court

DecidedSeptember 13, 1961

StatusPublished

Cited by1 cases

This text of 30 Misc. 2d 407 (In re the Estate of Bullen) 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.

Bluebook

In re the Estate of Bullen, 30 Misc. 2d 407, 219 N.Y.S.2d 444, 1961 N.Y. Misc. LEXIS 2398 (N.Y. Super. Ct. 1961).

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Opinion

John D. Bennett, S.

In this proceeding for advice and direction as to the sale of the stock of a close corporation held by the trustee, and the construction of certain portions of the will, the court approves the contract of sale annexed to the papers and directs the sale in accordance with its terms.

While the will grants to the executor and trustee unlimited discretionary authority with regard to investments, at the hearing held and in the special guardian’s report it was indicated that the corporate business is such as would not warrant investment therein by the ordinary reasonable prudent investor. No terms of the trust can excuse the trustee from this minimum standard of duty (Decedent Estate Law, § 125). Accordingly the request to sell is granted as indicated above. The proceeds of the sale will be held by the trustee in accordance with the terms of the trust.

Since the will excuses the trustee from the necessity of filing a bond, no joint control is indicated nor is there any justification for a limitation on the type of investments as suggested by the special guardian.

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John D. Bennett, S.

In this proceeding for advice and direction as to the sale of the stock of a close corporation held by the trustee, and the construction of certain portions of the will, the court approves the contract of sale annexed to the papers and directs the sale in accordance with its terms.

While the will grants to the executor and trustee unlimited discretionary authority with regard to investments, at the hearing held and in the special guardian’s report it was indicated that the corporate business is such as would not warrant investment therein by the ordinary reasonable prudent investor. No terms of the trust can excuse the trustee from this minimum standard of duty (Decedent Estate Law, § 125). Accordingly the request to sell is granted as indicated above. The proceeds of the sale will be held by the trustee in accordance with the terms of the trust.

Since the will excuses the trustee from the necessity of filing a bond, no joint control is indicated nor is there any justification for a limitation on the type of investments as suggested by the special guardian.

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Bluebook (online)

30 Misc. 2d 407, 219 N.Y.S.2d 444, 1961 N.Y. Misc. LEXIS 2398, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-the-estate-of-bullen-nysurct-1961.

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