Luttgen v. Tiffany
Decision Date | 09 March 1915 |
Docket Number | No. 294.,294. |
Citation | 93 A. 182,37 R.I. 416 |
Parties | LUTTGEN v. TIFFANY et al. |
Court | Rhode Island Supreme Court |
Case Certified from Superior Court, Newport County.
Suit by Walther Luttgen, trustee, against Perry Tiffany and others, for a construction of the will of George Tiffany, deceased, and for a judicial settlement of the account of the trustee, and for his discharge on making the distribution the court shall direct. Certified from superior court under Gen. Laws 1909, c. 289, § 35. Decree advised.
Charles Stewart Davison, of New York City, and Charles H. Koehne, Jr., of Newport, for complainant. Robert M. Franklin, of Newport (Chas. Stewart Davison and Victor W. Cutting, both of New York City, of counsel), for respondent Perry Tiffany. Edwards & Angell, of Providence (Francis B. Keeney, of Providence, and Charles S. Yawger, of New York City, of counsel), for trustee in bankruptcy Robert M. Miles. Gardner, Pirce & Thornley, of Providence, for Illinois Surety Co. Frank F. Nolan, of Newport, for Jane Caroline Perry Tiffany and August Belmont, Jr., Ex'r of Isabella B. Tiffany. Mortimer A. Sullivan, of Newport, for Belmont Tiffany, Adm'r of William Tiffany.
This is a bill in equity filed in the superior court in Newport county by the complainant, Walther Luttgen, as sole (substituted) trustee under the last will and testament of George Tiffany, deceased, for a construction of the will, as also for a judicial settlement of his account as trustee; for instructions as to the distribution of the funds in his hands; and for his discharge, upon making such distribution as the court shall direct. The cause, being ready for hearing for final decree in the superior court, was certified to this court by decree of the superior court entered in Providence on consent of all parties April 6, 1914.
The testator, George Tiffany, died June 15, 1886, a resident of Newport, R. I., leaving him surviving his widely. Isabella B. Tiffany, and four children, namely: Perry Tiffany, Belmont Tiffany, Jane Caroline Perry Tiffany, and William Tiffany. Three of the children, Perry Tiffany, Belmont Tiffany, and Jane Caroline Tiffany, have personally appeared as respondents in this proceeding. Isabella B. Tiffany having died on the 5th day of January, 1912, her estate appears in this proceeding by August Belmont, the executor of her last will and testament; and William Tiffany having died on the 25th day of August, 1898, his estate appears herein by Belmont Tiffany, as administrator thereof. There are two additional respondents, to wit: Robert M. Miles, Jr., who appears as trustee in bankruptcy, appointed in the Southern district of New York, of Perry Tiffany; and the Illinois Surety Company, a corporation organized under the laws of the state of Illinois, which appears as a judgment creditor of Perry Tiffany.
There is no dispute as to any material facts. As appears in detail in the pleadings, August Belmont, the trustee named in the will, accepted the trust and duly discharged his duties as trustee until his death (November 24, 1890). By a decree of this court made and entered in the county of Newport on June 20, 1891, Walther Luttgen, of Redding, Fairfield county, Conn., was appointed substituted trustee to fill the vacancy so caused duly qualified, and has since acted as such trustee, and in that capacity is the complainant in the present action.
On August 25, 1898, after the death of George Tiffany and during the life of Isabella B. Tiffany, one of the sons, William Tiffany, died unmarried and intestate. His brother Belmont Tiffany was duly appointed administrator of his estate, and as such is a respondent, as above stated. Perry Tiffany, Belmont Tiffany, and Jane Caroline Perry Tiffany survive and are respondents herein as above stated.
After the death of George Tiffany, his widow, the life beneficiary under the trusts of the will above set forth, personally advanced sums of money aggregating $21,000 for the benefit of her son the said Perry Tiffany, and thereupon, in consideration of such advances, she and the said Perry Tiffany and the said Belmont Tiffany entered into an agreement dated October 31, 1899. It recited the assumption and taking up by Isabella B. Tiffany of obligations of Perry Tiffany relating to the underwriting of stock in a corporation, and in the first paragraph of the agreement provided that Perry Tiffany might redeem and take up the stock underwritten upon payment made in accordance with the terms of the agreement The portions of the agreement material to be considered in this case are as follows:
* * *
etc., "hereby promises, covenants and agrees that the said items and all thereof shall and may be deducted from his the party of the third part's share or interest in said trust or trust fund * * * and be paid over by the trustee or trustees."
No portion of these moneys has been repaid; and the executor of Isabella B. Tiffany makes claim to an equitable lien under said agreement to the extent of the indebtedness of said Perry Tiffany thereunder, to be paid by the complainant trustee, out of the share of the trust fund to which said Perry Tiffany is entitled. The priority of this lien is not disputed by any of the parties.
Perry Tiffany became bankrupt on December 24, 1900, and was discharged on December 10, 1901. Robert M. Miles, Jr., was appointed trustee in bankruptcy by the United States District Court of the Southern District of New York, and, as above stated, appears as a respondent herein as trustee in bankruptcy of Perry Tiffany; and as such trustee claims the whole share of Perry Tiffany, as assets of the bankrupt's estate, except so much thereof as shall be found due to the estate of Isabella B. Tiffany.
On January 12, 1912, a judgment for $2,017.90 against Perry Tiffany was entered in the Supreme Court of the state of New York in favor of the Illinois Surety Company, which makes claim herein against the share or interest of Perry Tiffany in said trust fund for the amount of said judgment, with interest Isabella B. Tiffany, the widow of the testator, died on January 5, 1912. Under the terms of the will of George Tiffany, the trust which came into existence at his death (June 15, 1886) terminated upon her death.
The respondents may be divided into two classes: First. Members of the family, including the three children and the representatives of the estates of Isabella B. Tiffany and William Tiffany, whose various claims can be amicably adjusted among themselves. Second. Claims adverse to the estate, which include the Illinois Surety Company, whose claim against Perry Tiffany's share in the trust fund is not disputed except by Robert M. Miles, trustee in bankruptcy of Perry Tiffany; and Robert M. Miles, trustee in bankruptcy of Perry Tiffany, whose claim is...
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