Gates v. Plainfield Trust Co.
| Decision Date | 22 September 1937 |
| Docket Number | Nos. 224, 225.,s. 224, 225. |
| Citation | 194 A. 65,122 N.J.Eq. 366 |
| Parties | GATES v. PLAINFIELD TRUST CO. et al. |
| Court | New Jersey Supreme Court |
On Appeal from Court of Chancery.
Suit by Evelyn P. Gates, against the Plainfield Trust Company, individually and as executor and trustee under the last will and testament of Leroy H. Gates, deceased, and others, wherein defendant Roy W. Gates and others filed a counterclaim. From a decree of the Court of Chancery (121 N.J.Eq. 460, 191 A. 304), the Plainfield Trust Company appeals.
Affirmed.
Merritt Lane, of Newark, for defendant-appellant. Charles R. Rose, of New York City, and Frederic M. P. Pearse, of Newark, for complainant-respondent. Max M. Mehler, of Newark, for defendant-respondent Charlotte S. Zelie. McCarter & English, of Newark, for defendant-respondent Roy W. Gates.
These appeals arise out of one case, tried together in the court below and argued together in this court. The appeal in No. 224 by the trust company is against so much of the decree as surcharges the appellant as executor of the estate of Leroy H. Gates for wrongful investments of the funds of the estate. The appeal of Roy W. Gates et al. (No. 225) is from so much of the decree as dismisses their counterclaim.
Our examination of the record convinces us that the decree was proper in, both respects. The surcharge as against the trust company is based upon well-settled principles controlling the investment of, trust funds, and, tested by those principles, no other course was open in the disposition of the case.
The prayer as sought by the defendants in their counterclaim we think was properly denied.
Without giving assent to all that is said in the opinion of the learned Vice Chancellor, we agree with the results reached, and the decree is therefore affirmed.
For affirmance: The CHIEF JUSTICE, Justices TRENCHARD, PARKER, LLOYD, BODINE, HEHER, and PERSKIE—7.
For reversal: Justice DONGES and Judges WELLS, WOLFSKEIL, RAFFERTY, and COLE—5.
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Romnes' Estate, Matter of
...estate but paid from corpus), followed in Gates v. Plainfield Trust Co., 121 N.J.Eq. 460, 488a, 191 A. 304 (Ch.1937), aff'd 122 N.J.Eq. 366, 194 A. 65 (E. & A.1937); Stengel v. Edwards, 98 A. 424 (Sup.Ct.1916) (estate for life or widowhood properly taxed as life estate). The text writers ag......
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In re Bernheimer's Estate
... ... of Bertha C. Bernheimer, deceased, or out of the trust ... created under the will of said Bertha C. Bernheimer; that the ... tax was properly payable ... receives other legacies under the same will. Gates v ... Plainfield Tr. Co., 121 N.J.Eq. 460, 191 A. 304, 194 A ... 65; In re Murphy's Estate, ... ...
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In re Ryan's Will
...& Savings Bank, 273 Mich. 642, 646, 647, 263 N.W. 762;Gates v. Plainfield Trust Co., 121 N.J.Eq. 460, 484-488, 191 A. 304, affirmed 122 N.J.Eq. 366, 194 A. 65;Rothenberg v. Franklin Washington Trust Co., 127 N.J.Eq. 406, 13 A.2d 667; Id., 129 N.J.Eq. 361, 19 A.2d 640;Id., 131 N.J.Eq. 463, 2......
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Rusch v. Melosh
...516, 143 A. 745; Rowe v. Rowe, 113 N.J.Eq. 344, 167 A. 16; Gates v. Plainfield Trust Co., 121 N.J.Eq. 460, 191 A. 304, affirmed 122 N.J.Eq. 366, 194 A. 65. See Trust Co. of N. J. v. Greenwood Cemetery, 32 A.2d 519, 21 N.J.Misc. 169. In construing a will the court's primary purpose is to asc......