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Matter of Burt

Surrogate's Court of the City of New York, Bronx County
Jul 22, 1933
148 Misc. 606 (N.Y. Misc. 1933)

Summary

In Matter of Burt (148 Misc. 606) it was said that the word "principal" in the statutory language means principal which the accountants have received and for which they are legally accountable.

Summary of this case from Matter of Sears

Opinion

July 22, 1933.

Medina Sherpick, for the executors.

Edward E. Bianco, special guardian.


The special guardian objects to the proposed decree in so far as it provides for full commissions to each of the three executors. The decedent's realty was devised to the trustees of the residuary trust and there is no deficiency in the personalty. The executors are also the trustees, but, as executors, they have never received, distributed or delivered the realty or any part thereof, except the equity therein to the value of $10,000 which they received by satisfying two mortgages and executing two other mortgages under a power contained in the will, which has not been questioned. They are not entitled to commissions on the remaining equities in the realty. This $10,000 and the gross value of the personalty aggregate less than $100,000. The executors are, therefore, entitled to but one whole commission divided equally among them. (Surr.Ct. Act, § 285.) The word "principal" in the statutory language, "principal of the estate or fund accounted for," means principal which the accountants have received and for which they are legally accountable. It does not include principal which they might lawfully receive, unless they actually do receive it. The inclusion in their account of principal for which they are not accountable does not entitle them to include such principal in the computation of their commissions under the statute. The objection of the special guardian is sustained. The proposed decree has been modified accordingly, and as so modified, signed.


Summaries of

Matter of Burt

Surrogate's Court of the City of New York, Bronx County
Jul 22, 1933
148 Misc. 606 (N.Y. Misc. 1933)

In Matter of Burt (148 Misc. 606) it was said that the word "principal" in the statutory language means principal which the accountants have received and for which they are legally accountable.

Summary of this case from Matter of Sears

In Matter of Burt (148 Misc. 606) it was said that "the word `principal' in the statutory language, `principal of the estate or fund accounted for' means principal which the accountants have received and for which they are legally accountable."

Summary of this case from Matter of Juilliard
Case details for

Matter of Burt

Case Details

Full title:In the Matter of the Estate of TOWNSEND BURT, Deceased

Court:Surrogate's Court of the City of New York, Bronx County

Date published: Jul 22, 1933

Citations

148 Misc. 606 (N.Y. Misc. 1933)
266 N.Y.S. 104

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Matter of Sears

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