Otterbeck v. Larson

Appellate Court of Illinois

Otterbeck v. Larson

197 Ill. App. 310

CourtAppellate Court of Illinois

DecidedJanuary 3, 1916

DocketGlen. No. 21,368

StatusPublished

Cited by1 cases

This text of 197 Ill. App. 310 (Otterbeck v. Larson) is published on Counsel Stack Legal Research, covering Appellate Court of Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Otterbeck v. Larson, 197 Ill. App. 310 (Ill. Ct. App. 1916).

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Opinion

Mr. Presiding Justice McSurely

delivered the opinion of the court.

6. Trusts, § 230*—when credit for interest improperly allowed. Credit for an overcharge for interest based on an allowance improperly made to trustee should not be allowed. 7. Equity, § 431*—when rights waived by failure to object or except. In a suit by the beneficiaries of a will against the trustee for an accounting which is referred to a master to take account of the trust property, where complainants make no objection before the master as to certain items of credit and no exceptions to the court to the allowance of these items, they cannot be questioned on appeal. 8. Trusts, § 221*—when trustee not entitled to credit for difference between the amounts collected and amounts for which sale could be made. In a suit by the beneficiaries under a will against the trustee for an accounting where it appeared that defendant sold accounts of the estate, hut that the beneficiaries objected to the sale on the ground of the amount received therefor, and that thereupon the trustee recalled the sale and subsequently was able to collect only a smaller amount, he is not entitled to a credit for the difference between the amount for which the accounts could have been sold by him and the amount collected. 9. Trusts, § 233*—when investment not exercise of reasonable discretion. Evidence examined and held to show that an investment claimed by the trustee to have been made in securities of a foreign corporation was not proven, if made, was not in exercise of sound judgment and reasonable discretion.

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Mr. Presiding Justice McSurely

delivered the opinion of the court.

6. Trusts, § 230*—when credit for interest improperly allowed. Credit for an overcharge for interest based on an allowance improperly made to trustee should not be allowed. 7. Equity, § 431*—when rights waived by failure to object or except. In a suit by the beneficiaries of a will against the trustee for an accounting which is referred to a master to take account of the trust property, where complainants make no objection before the master as to certain items of credit and no exceptions to the court to the allowance of these items, they cannot be questioned on appeal. 8. Trusts, § 221*—when trustee not entitled to credit for difference between the amounts collected and amounts for which sale could be made. In a suit by the beneficiaries under a will against the trustee for an accounting where it appeared that defendant sold accounts of the estate, hut that the beneficiaries objected to the sale on the ground of the amount received therefor, and that thereupon the trustee recalled the sale and subsequently was able to collect only a smaller amount, he is not entitled to a credit for the difference between the amount for which the accounts could have been sold by him and the amount collected. 9. Trusts, § 233*—when investment not exercise of reasonable discretion. Evidence examined and held to show that an investment claimed by the trustee to have been made in securities of a foreign corporation was not proven, if made, was not in exercise of sound judgment and reasonable discretion.

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197 Ill. App. 310, Counsel Stack Legal Research, https://law.counselstack.com/opinion/otterbeck-v-larson-illappct-1916.

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