In re the Final Accounting of Kraemer

Appellate Division of the Supreme Court of New York

In re the Final Accounting of Kraemer

40 A.D.2d 1053, 338 N.Y.S.2d 913, 1972 N.Y. App. Div. LEXIS 3041

CourtAppellate Division of the Supreme Court of the State of New York

DecidedDecember 21, 1972

StatusPublished

Cited by4 cases

This text of 40 A.D.2d 1053 (In re the Final Accounting of Kraemer) is published on Counsel Stack Legal Research, covering Appellate Division of the Supreme Court of the State of New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

In re the Final Accounting of Kraemer, 40 A.D.2d 1053, 338 N.Y.S.2d 913, 1972 N.Y. App. Div. LEXIS 3041 (N.Y. Ct. App. 1972).

Pincite

Opinion

Appeal from an order of the Supreme Court, Fulton County, which approved the account of the proceedings of William B. Kraemer as Temporary Receiver of ¡the Thruway Outdoor Theatre Corporation. Appellant raises numerous objections to the Temporary Receiver’s account as approved by Special Term, but we find no [1054]*1054basis to disturb the decision of Special Term except as to the amount of commissions to which the Temporary Receiver was entitled. The Temporary Receiver was not entitled to commissions on the amount which was on deposit in the corporate bank account when he assumed his duties nor on the interest generated thereon since such sums were not recgived and disbursed by him (Business Corporation Law, § 1217; Mackenzie v. Marine Midland Trust Co. of N. Y., 247 App. Div. 750; 8 Weinstein-Korn-Miller, N.Y. Civ. Prac., par. 8004.02 and especially n. 5). Nor was he entitled to commissions on receipts and disbursements subsequent to September 4, 1971, the date upon which Goldstein paid the judgment entered against him in the shareholder’s derivative action. Accordingly, the commissions should be reduced to $5,155.59. Order modified, on the law and the facts, so as to reduce the commissions awarded to the Temporary Receiver to $5,155.59, and, as so modified, affirmed, without costs. Herlihy, P. J., Greenblott, Cooke, Simons and Reynolds, JJ., concur.

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

Appeal from an order of the Supreme Court, Fulton County, which approved the account of the proceedings of William B. Kraemer as Temporary Receiver of ¡the Thruway Outdoor Theatre Corporation. Appellant raises numerous objections to the Temporary Receiver’s account as approved by Special Term, but we find no [1054]*1054basis to disturb the decision of Special Term except as to the amount of commissions to which the Temporary Receiver was entitled. The Temporary Receiver was not entitled to commissions on the amount which was on deposit in the corporate bank account when he assumed his duties nor on the interest generated thereon since such sums were not recgived and disbursed by him (Business Corporation Law, § 1217; Mackenzie v. Marine Midland Trust Co. of N. Y., 247 App. Div. 750; 8 Weinstein-Korn-Miller, N.Y. Civ. Prac., par. 8004.02 and especially n. 5). Nor was he entitled to commissions on receipts and disbursements subsequent to September 4, 1971, the date upon which Goldstein paid the judgment entered against him in the shareholder’s derivative action. Accordingly, the commissions should be reduced to $5,155.59. Order modified, on the law and the facts, so as to reduce the commissions awarded to the Temporary Receiver to $5,155.59, and, as so modified, affirmed, without costs. Herlihy, P. J., Greenblott, Cooke, Simons and Reynolds, JJ., concur.

Cite This Page — Counsel Stack

Bluebook (online)

40 A.D.2d 1053, 338 N.Y.S.2d 913, 1972 N.Y. App. Div. LEXIS 3041, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-the-final-accounting-of-kraemer-nyappdiv-1972.

Opinion

Related

Cite This Page — Counsel Stack