In re First Account of Equitable Trust Co.
| Decision Date | 08 February 1943 |
| Citation | 27 Del.Ch. 60,30 A.2d 271 |
| Court | Court of Chancery of Delaware |
| Parties | IN THE MATTER OF First Account of Equitable Trust Company, Succeeding Trustee under the Will of Annie Mills, deceased, (covering the period from January 3, 1936 to December 13, 1940) |
PETITION of Equitable Trust Company, trustee under the will of Annie Mills, deceased, praying for certain allowances of fees and expenses incident to the proceedings on the exceptions to its First Account; for the denial of allowances requested by the exceptant, Robert J. Barkley, a beneficiary of the trust; and for the taxing of costs of the proceedings. After the hearing on the exceptions, an opinion was filed reported under the caption In re Mills' Will, 26 Del.Ch. 203, 26 A.2d 241, in which it was concluded that the exceptions should be overruled. The instant petition was then presented, the matter set down for hearing, and the exceptant and other trust beneficiaries notified. There were present at the hearing: Jeanette L. Barkley, a beneficiary; Albert L Massey, guardian ad litem for Alice Mills, a beneficiary; and the solicitors for the trustee and the exceptant.
Caleb R. Layton, 3rd, of the firm of Hastings, Stockley & Layton for exceptant.
Caleb S. Layton, of the firm of Richards, Layton & Finger, for the trustee.
PEARSON, Vice-Chancellor.
The trustee prays that it be allowed its expenses and the amount of the fee of its solicitor for services rendered in the proceeding on the exceptions to its First Account; that the application of the exceptant for an allowance of the fee of his solicitor be denied; that the costs and expenses, at least those of the exceptant, be charged against him personally or against his ultimate share in the corpus of the trust. The exceptant insists upon an allowance of the fee of his solicitor, and asks that all costs and expenses be taxed against the entire trust corpus. The various points will be discussed separately.
TRUSTEE'S EXPENSES AND SOLICITORS' FEE. No objection has been made to the allowance of these items. The amounts seem fair. The trustee has successfully defended its account against the exceptions, and has demonstrated that it was not at fault. Accordingly, the items should be allowed. 2 Scott on Trusts, § 188.4; 65 C.J. 946, 947; Annotation, 101 A.L.R. 806.
FEE OF SOLICITOR FOR EXCEPTANT. The exceptant contends that although his exceptions to the account were overruled and he was thus unsuccessful in surcharging the trustee, nevertheless, he should be allowed the amount of his solicitor's fee because the proceeding would have benefited the trust estate and not the exceptant alone, if he had been successful. He relies principally upon the case of Commercial Trust Co. of New Jersey, et al., v. Mason, et al., 119 N.J.Eq. 376, 182 A. 875. In this case, the Court of Errors and Appeals of New Jersey affirmed a decree of the Court of...
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