TRUSTS-DEGREE OF DUTY TO WHICH A TRUST IS BOUND

Authors

Abstract

In an accounting proceeding certain objectors sought to surcharge the Fulton Trust Company of New York, as testamentary trustee, for loss in the trust fund due to the retention of securities taken over from the executors at the time the trust was set up, seven years previous to the accounting. The securities, consisting of stocks in sugar companies, had greatly decreased in value. The trustee was not charged with having acted in bad faith, but with negligence in having retained the securities, although authorized to do so by the will. Held, that much more was expected from a trust company than an individual executor or trustee and that the degree of duty required had not been exercised. In re Clark's Will, 242 N. Y. S. 210.

Recommended Citation

TRUSTS-DEGREE OF DUTY TO WHICH A TRUST IS BOUND, 29 Mich. L. Rev. 125 (1930).
Available at: https://repository.law.umich.edu/mlr/vol29/iss1/33