In re Hoagland
Decision Date | 22 April 1948 |
Citation | 297 N.Y. 920,79 N.E.2d 746 |
Parties | In re HOAGLAND'S WILL. |
Court | New York Court of Appeals Court of Appeals |
OPINION TEXT STARTS HERE
Appeal from Supreme Court, Appellate Division, First Department, 272 App.Div. 1040, 74 N.Y.S.2d 911.
Proceeding by the Bank of New York as trustee under the will of Ella J. Hoagland, deceased, for the judicial settlement of its first account as such trustee and for the construction of the provisions of the will creating a trust for ‘Summerland’ and the provisions regulating the investment of the trust for ‘Summerland’. The court was asked to determine whether the consolidation of the Hopewell Society with the Sevilla Corporation affected continuance of the trust for the benefit of the Hopewell Society. Elinor Gates Clendenin filed an answer to the petition in which it was alleged that the trust for ‘Summerland’ had terminated and in which it was asked that the principal of the trust should be paid over to Margaret M. Gates, as executrix of the last will and testament of Hoagland Gates, deceased.
The claim that the trust for ‘Summerland’ had terminated was based upon the fact that ‘Summerland’ was sold by the Hopewell Society in 1928. The provision of the will involved created a trust for the benefit of ‘Summerland’, as long as it continued to be operated independently as the summer home for children under the auspices of the Hopewell Society. It was provided that if ‘Summerland’ should cease to be operated independently as the summer home for children under the auspices of the Hopewell Society, the trust should terminate. A determination that certain investments of the trustee were unauthorized was also sought.
From a decree of the Surrogate's Court, which overruled objections to the account of the Bank of New York as trustee, and also determined that the trust had not terminated and that the investments in question were authorized, Elinor Gates Clendenin and others appealed. The decree, 190 Misc. 480,74 N.Y.S.2d 156, was affirmed by the Appellate Division, 272 App.Div. 1040, 74 N.Y.S.2d 911. A motion for leave to appeal to the Court of Appeals was denied, 272 App.Div. 1053, 75 N.Y.S.2d 775, and Elinor Gates Clendenin and others appeal by leave of the Court of Appeals.Thomas A. Ryan, of New York City, for appellants.
Emmett, Marvin & Martin, of New York City (George W. Martin, Richard S. Emmet, John L. Merrill, Jr., and Eunice M. O'Neill, all of New York City, of counsel) for Respondent Bank of New York.
Frueauff, Burns, Ruch & Farrell,...
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DiMauro v. Pavia
... ... at 312, 70 S.Ct. at 656. A judicial proceeding to settle fiduciary accounts settles every right that a beneficiary would otherwise have against the fiduciary for improper management of funds held during the period of the accounting. Id. at 311, 70 S.Ct. at 655; cf. In re Hoagland's Estate, 194 Misc. 803, 74 N.Y.S.2d 156 (Sur.Ct.), aff'd, 272 A.D. 1040, 74 N.Y.S.2d 911 (1947), aff'd, 297 N.Y. 920, 79 N.E.2d 746 (1948). This is not inconsistent with the rule that a proceeding in rem to determine interests in property is conclusive upon persons named as defendants with ... ...
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