Reports of Cases Adjudged in the Court of Chancery of New York Volume 1 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1887 Excerpt: ...they pay interest, because they are in default; yet, where the devisee, or cestuy que trust, de-mands more than he is entitled to receive, and the executor properly submits to the direction of the Court, he will not be compelled to pay costs. t'6. 24. If a trustee negligently suffer the trust moneys to be idle, he is chargeable with simple interest. Schieffclin v. Stiwart and others, 620 25. If he convert the trust moneys to his own use, or employ them in his business or trade, he is charge-able with compound interest. ib. 26. Where an administrator employed the moneys belonging to his in-testate's estate in trade, for his own benefit, of the profits of which he refused to give any account, the master, in stating an account, after allowing a reasonable time for the settlement of the es- tate, charged compound interest making annual rests in the ao counts for that purpose, which was confirmed by the Court, ib. IV. Expenses and compensation of a trustee. 27. A trustee cannot demand a com-pensation for services, beyond what is founded on the positive agreement of the parties. Green and others v. Winter. 27 S. P. Manning and others v. Manning's Executors, 527 28. And where a trustee, who was a counsellor at law, was to be al-lowed for " all his advances and responsibilities;" it was held, that though he was entitled to a liberal indemnity for his expenses and responsibilities incurred in the due and faithful execution of his trust, yet he was not entitled to a counsel fee, as a general re-tainer, nor for any thing more than what is understood, in the language of a Court of equity, to be "just allowances." Green and otlicrs v. Winter, 27 29. A trustee is not entitled to com-missions on sales of the trust prop erty, or on moneys received ...