Villard v. Villard
Citation | 114 N.E. 789,219 N.Y. 482 |
Parties | VILLARD et al. v. VILLARD et al. |
Decision Date | 28 December 1916 |
Court | New York Court of Appeals |
OPINION TEXT STARTS HERE
Appeal from Supreme Court, Appellate Division, Second Department.
Action by Fanny Garrison Villard, individually, and others, against Fanny Garrison Villard, as executrix, and others, as executors, etc., of Henry Villard, deceased, and others. From a judgment of the Appellate Division (166 App. Div. 203,151 N. Y. Supp. 1027) affirming a judgment of the Special Term against the Farmers' Loan & Trust Company, as trustee, the trust company as trustee and also in its own right appeals. Affirmed.
The facts, so far as material, are stated in the opinion.
Charles F. Brown, of New York City, for appellant.
James Byrne, of New York City, for respondents executrix and executors.
William M. Wherry, Jr., of New York City, for respondents plaintiffs.
Frederic E. Mygatt, of New York City, for respondents Helen Villard Bell and others.
Henry Villard died November 10, 1900, leaving a will which was duly probated December 29, 1900, and his widow, Fanny Garrison Villard, his friend, Horace White, and his late private secretary, Charles A. Spofford, were duly named as executrix and executors and qualified as such. The will, so far as now material, provides as follows:
Seventh.
The testator gave one-half of his residuary estate to his wife, and one-fourth each to his two sons. He left a personal estate amounting to about $3,000,000, of which about $530,000 was in cash. A gift by the will to his wife of $250,000 was paid to her in cash, January 10, 1901, and a gift to his son Oswald of $50,000 was paid December 30, 1901, partly in cash and partly in securities. Substantially all of his gifts to institutions and persons other than as provided by said paragraphs 6 and 7 of the will and of the residuary estate were paid by the executors by January 7, 1902.
The deceased's indebtedness other than a claim of one Wetmore aggregated about $34,000. One Wetmore presented a claim against the estate of several hundred thousand dollars. The executors attempted to compromise such claim, but were unable to make a settlement for several years. The claim was finally settled in 1910 for $5,000. In March, 1901, the residuary legatees delivered to the executors a letter, the material part of which is as follows:
* * *’
The executors and executrix in compliance with such request prior to March 3, 1902, sold bonds and stocks belonging to the estate at the market price and purchased other stocks, paying therefor in the aggregate $1,028,528.42. Included in the stocks so purchased was 500 shares of the Metropolitan Street Railway Company, and 1,000 shares of the Baltimore & Ohio Railroad Company preferred stock.
On or prior to January 9, 1902, one of the executors went to the Farmers' Loan & Trust Company, and there talked with its secretary and told him what securities the executors proposed to place in the trusts provided by the sixth and seventh paragraphs of the will, and asked if the securities proposed were satisfactory, and he was told by the secretary that such securities would be satisfactory for said trusts. On the 9th day of January, 1902, the executors delivered to said Farmers' Loan & Trust Company a letter, the material parts of which are as follows:
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