McKennell v. Guaranty Trust Co.

New York Supreme Court

McKennell v. Guaranty Trust Co.

130 Misc. 400, 223 N.Y.S. 598, 1927 N.Y. Misc. LEXIS 1342

CourtNew York Supreme Court

DecidedAugust 1, 1927

StatusPublished

Cited by1 cases

This text of 130 Misc. 400 (McKennell v. Guaranty Trust Co.) is published on Counsel Stack Legal Research, covering New York Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

McKennell v. Guaranty Trust Co., 130 Misc. 400, 223 N.Y.S. 598, 1927 N.Y. Misc. LEXIS 1342 (N.Y. Super. Ct. 1927).

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Opinion

Lynch, J.

The controversy between the cotrustees arose from a mutual well-intended desire to protect and benefit the estate to which they each owed a duty. It cannot be said that Van Derveer was not acting for what he honestly believed to be the interest of the estate, when he urged upon his cotrustees the purchase of better interest-bearing securities.

If his honest efforts in this regard precipitated a proceeding to remove him, he was none the less acting for the benefit of the estate in resisting his removal, even if it later might develop that the judgment of his cotrustees was better than his own. He was seemingly doing what he honestly believed wa.s his duty, and he should not be penalized by being required to personally pay attorneys, who, in good faith, represented him on such proceedings,

The plaintiffs are, therefore, awarded judgment for $500, with interest from February 28, 1927, together with costs and disbursements.

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Lynch, J.

The controversy between the cotrustees arose from a mutual well-intended desire to protect and benefit the estate to which they each owed a duty. It cannot be said that Van Derveer was not acting for what he honestly believed to be the interest of the estate, when he urged upon his cotrustees the purchase of better interest-bearing securities.

If his honest efforts in this regard precipitated a proceeding to remove him, he was none the less acting for the benefit of the estate in resisting his removal, even if it later might develop that the judgment of his cotrustees was better than his own. He was seemingly doing what he honestly believed wa.s his duty, and he should not be penalized by being required to personally pay attorneys, who, in good faith, represented him on such proceedings,

The plaintiffs are, therefore, awarded judgment for $500, with interest from February 28, 1927, together with costs and disbursements.

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Bluebook (online)

130 Misc. 400, 223 N.Y.S. 598, 1927 N.Y. Misc. LEXIS 1342, Counsel Stack Legal Research, https://law.counselstack.com/opinion/mckennell-v-guaranty-trust-co-nysupct-1927.

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