City Bank Farmers' Trust Co. v. Parsons (In re Parsons)

• Decision Date: 04 December 1931
• Citation: 258 N.Y. 547,180 N.E. 326
• Parties: In the Matter of the WILL of William D. PARSONS, Deceased. City Bank Farmers' Trust Company, as Trustee, Appellant; Christine H. Parsons et al., as Executors, et al., Respondents.
• Court: New York Court of Appeals Court of Appeals

258 N.Y. 547

180 N.E. 326

In the Matter of the WILL of William D. PARSONS, Deceased. City Bank Farmers' Trust Company, as Trustee, Appellant; Christine H. Parsons et al., as Executors, et al., Respondents.

Court of Appeals of New York.

Dec. 4, 1931.

Appeal from so much of an order of the Appellate Division of the Supreme Court in the Second Judicial Department (234 App. Div. 625, 251 N. Y. S. 872), entered July 22, 1931, as affirms a decree of the Suffolk County Surrogate's Court construing the will of William Decatur Parsons, deceased. By the second paragraph of the will the testator gave to his wife ‘a sole and entire interest in all my property, both real and personal, except as may be hereafter specified.’ After providing for certain legacies of cash and bonds, the will provided that ‘After the payment of the aforesaid legacies and necessary charges I wish the balance of my securities, bonds, stocks, &c., &c., to be placed in The Farmers Loan and Trust Co. of New York’ as a trust fund, the income to be paid to the widow, with remainder to certain cousins of testator. Testator left a sum in cash not specifically disposed of. The surrogate held that the second paragraph of the will provided for a gift of the residue or remainder of the estate to the widow, but that the payment of not only the bond legacies but also the cash legacies and the payment of all funeral, and administration expenses, and debts should be made from the securities, bonds, and stock left by the testator, and that the cash in hand and on deposit at testator's death not only was bequeathed to the widow by the second paragraph of the will, but was intended to be paid to her in gross without diminution for any of the charges and expenses found to be payable from the securities. The Appellate Division modified the decree of the surrogate so as to provide that the state transfer tax is payable by each legatee and devisee.Edwin W. Cooney and Elmer J. Hoare, both of New York City, for appellant.

Joseph Steven Frank, of New York City, and Freeman T. Hulse, of Bay Shore, for petitioners respondents.

Nathan O. Petty, of Riverhead, for infant respondents.

PER CURIAM.

Order affirmed, with costs payable out of the estate to each party filing a brief in this court.

CRANE, LEHMAN, KELLOGG, and HUBBS, JJ., concur.

CARDOZO, C. J., and POUND and O'BRIEN, JJ., who vote to modify the order by charging the debts and expenses upon the residuarty estate.