Evening journal., 1897-07-12
JESSE EHOYTS ESTATE
A Decree Signed In the Case
.,. Settles a Legal Point.
THE LITIGATION LONG AND COSTLY.
Has Becn in the Courts Since 1882 and
Has Cost the Litigants Almost fsl.-
100000 Brilliant Talent
Engaged on Both Sides.

ooOfooo
Engaged on Both sides.
New York. July ia decree has just
been signed as to the estate Of Jesse
{ Hoyt which establishes the law as to
whether premiums paid on the purchase
of bonds or securities by the trustees OF
an estate are to be charged to the in
come produced by such investments and
/ therefore borne by the person entitled
/ to the income or whether the persons
entitled TO the remainder of such in
vestments. upon the death of the per-
son receiving the income are to accept
what will be left if the securities grow
less in value than the original fund
used In such investment.
Jesse Hoyt died Aug. a. 1882, leaving
an estate estimated TO be worth about
$4,000, 600. He left a widow, Helen Ma
ria Hoyt. and a daughter, Mary Irene
Hoyt. He appointed as his executors
Alfred n. Hoyt and Samuel Nj. Hoyt
his brothers. and James w. Jackson.
Tie left various bequesis TO his widow
and daughter and then created two sep-
arate trusts of Sl25OOOO each for their
benefit. That for his daughter was di-
rected TO be invested In United States
government bonds and the income to be
paid to her for life. What remained
upon her death was to be divided among
his relatives.
The Daughter Files Objections.
Miss Hoyt. on account of various re-
pugnant clauses in the will. objected TO
its probate, and one Of the greatest liu-
cations in this state followed. Miss
Hoyt had as counsel al various times
Senator Roscoe Conkling. General Ben
jamin +. Butler former Judge William
Fullerton, Judge Roger A. Pryor and
former Judge Shipman. while the ex-
ecutors We're represented by former
Senator William NJ Evarts, Joseph H.
b Choate, Elihu Root and a host OF 9TH
: ers. a great deal Of personal feeling
was manifested between Miss Hoyt and
her uncles who sought to probate the
will. It was alleged by her during the
trial that certain provisions of the will
had been inserted by her father a short
time prior to his death while he was
: under the influence Of drugs and in a
2 totally irresponsible condition and that
1 Immediately before his death the eX-
s eoutors and those interested In these
p provisions had conspired to have her
- placed in restraint so as to prevent her
p from contesting the probate Of the Will.
. She also declared that one OF her uncles
a beneficiary under the Will, had used
personal violence to her during her
{ fathers last illness.
d The contest was begun in November
e 1882 before Surrogate Rollins and con-
tinued for months Ii is estimated that
IL cost both sides almost Sl,000,0 900. Sur
- rogate Rollins sustained the validity OF
the will, holding that Mr. Hoyt was
perfectly competent to make II. Ths
case was carried to the court OF appeals
where the probate of the will was final.
ly established.
Tho Trustees Act.
D., This left the three executors and trus
tees. Alfred n. Hoyt. Samuel NJ Hoy
and James W. Jackson. to administer
/ the trust fund of sl250.OO0. which they
$ proceeded 20 do by investing in govern
= ment bonds, paying therefor premium
of about 25 per cent, purchasing bond:
!, of the value of about 81 0000
e Regular accountings were had by th'
II trustees of their dealings with the trus
4 fund, by which it appeared that vari
Gus sums yielded as income from thu
- investment in the 81 100000 government
r bonds had been laid aside to cover thu
q $3.50 900 which had been paid as pre-
y miums in their purchase, the trustees
l. claiming that It was the intention o
Jesse Hoyt that the sum of 81 l,252OOo
r constituting the trust fund, should q
~ unimpaired to those who were to TAX
. the same on the death Of Miss Hoyt ant
- that as the investments had been mad
y at a premium and would only finall,
81 yield when the bonds We're paid by IN
{, government the sum Of 81 900 OO0 the
is were required by the viii to deduc
lr from the income a sufficient sum eacl
.s year to make up the deficiency Of tn
,d $3.50 900 at the time when the bond
- would mature and be paid.
- She Finally Wins.
40 on the regular accounting. abou
three years ago, the trustees. IN ac
cordance with their custom. 1cducte
a and laid aside a sum as part contrlbu
is tion to cover the premiums paid for IN
re bonds and Miss Hoyt promptly file
el objections with the surrogate. RobeI
tn T.. Deyo, as referee. reported that
is proper construction of Mr.. Hoyt's wi
- required the trustees to deduct sue
- amount annually Miss Hoyt still IN
" sisted upon her objections, and tn
e matter was contested again I'm the SUI
rc rogate's court.
lg Surrogate Fitzgerald refused to cor
be firm the referees report, holding tina
It was evidently not the purpose Of M
or Hoyt TO permit any sum whatever
in be deducted from the income of the IN
=, vestments which he directed to be mad
% for the benefit of his daughter, and
as decree has Just been entered in accord
rs ance with the opinion of the surrogat
al reversing the decision of the referee
st The trustees were represented b
he former Chief Justice c. p. DAILY an
Id Miss Hoyt by Civil Justice William
nc Moore. and as the legal question II
volved has never been finally and full
determined by the courts of this sta
it will undoubtedly be carried TO Il
court Of appeals for final adjudication