The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1907-12-14

Trusteeship of MagOOn Causes
Order of Court to Be
Promulgated.

Judge De Bolt yesterday made an
order defining the duties and powers
of masters in chancery. 1t was de-
Iivered orally and, when Transcribed
by the stenographer, will be filed in
the records.
attorneys for the heirs of ]. L. Blais-
dell. moved for the order. ]. Alfred
Magoon, trustee under the will of J.
L. Blaisden, strongly opposed the mo-
ton, holding that it was no business
of a master to go into the value of
trust investments.
The court held that the master
ought to investigate every phase Of
matter referred TO him. While his
findings We're only advisory anu
obLging the court to nothing, they
should throw full light on the matter
in question for the guidance of the
court. If investments were deemed
bad or doubtful by the master, it was
his duty to say so with the reasons
for his judgment.
1hSS6- proceedings NSAN Ia ~O--~N
ton with the report of ]. Marcaliino,
master. on J. A. Magoon's final ac-
counts of the B1aisden estate. This
document reflects very severely on
Mr.. Magoon's trusteeship, as reported
in general outline below. Among the
worst of the transactions, as described
by the master, are the LlghtIooI
mortgages. A new mortgage for ST.
500 was taken after certain conditions
of a prior mortgage for $3.50 had oeen
utterly unperformed. In another case
it is charged that Magoon as trustee
overpaid Magoon in his own person
$3.50 for accrued interest. There are
strange deals reported, moreover, IN
the way of taking over lands under
dishonored mortgages.
THE MASTER IS REPORT.
J. Alfred Magoon s final account as
trustee of the estate of John l.. Blals-
dell. under the decedent S will, IS the
subject of master S report OF twenty
seven typewriter pages by John Mar
callino.
Separate accounts relating to the
shares of revenue coming to the three
minors-.Tohn, Alice and Matilda Blals-
dell-are covered in the report.
The trustee charged himself with
$469S.51 on account of principal and
asked to be allowed on same account
1925 for disbursements.
ITEMS CONTESTED.
He charged himself with $292l.34 on
account of income, asking TO be allowed
the same amount on that account. One
item of income payments is $40 Tor
4" error credited on account OF hahulu
mortgage foreclosure. This item is
contested by the master in dealing with
the securities. Another item in the
same list is 81 for acknowledgements
to assignments, - and the master cannot
see WHY the estate should be made to
bear this expense, as:
"AlI or the mortgages referred to IN
the trustee IS inventory are made to j.
A. Magoon, mortgage. These assign
ments were subsequently made by }. A.
Magoon to J. A. Magoon, trustee under
the will of j. l.. Blaisdell. The master
contends that when. Mr.. Magoon took
these mortgages, they should nave
been made in the name of j. A. Magoon,
trustee under the will of j. l.. Blaisdell,
and not in the name of j. a. MagOon.
The court can see that there will be
further expenses when these assign
ments are recorded. Even if these
mortgages were transferred to this es-
tate from Mr.. Magoon or from some
other account Mr. Magoon, or the
account from which they were trans
ferred, should be made to bear all the
expenses of assigning, acknowledging
and recording them. | therefore recon-
mend that the trustee be surcharged
with the sum of 81, the same being
for Acknowledgements to assignments. y
COMMISSIONS HONEST.
The trustee s commissions amounting
to $12012S the master finds to be le-
gally and correctly computed.
Then the master takes up the matter
of securities, contesting in the first
place the item of $l75 before mentioned
PAYMENT FOR ERRORS.
The n. H. Kahulu mortgage to w. r.
Castle for 1915 was assigned by W. h.
Castle to J. A. Magoon on November
%, 1889 In June of 1901 this mortgage
was assigned by j. A. Magoon to the
Kona Sugar Co. The master s report
on the account ending June 80, 1908
related that investigation by the mas
ter with Mr.. Magoon disclosed the fact
that error was made in crediting the ac-
count with $175, the amount realized
from the sale of Oahu land, as this was
bid in by the trustee to protect the loan
1t further developed that, by legal de
feet, foreclosure proceedings as to the
Oahu land were Intellectual and it had
to be resold Moreover, another party
contested the title of the land, which
was valued approximately at 5000
j" Mr.. Magoon holds, :" the master on the
1908 account reported, ''that he should
be credited with the sum of $175 tC
correct error stated, but L am of the
opinion that adjustment of the item
should be delayed until such time as the
trustee shall have disentangled it.
Judge Gear on Oct. %, 1904, ordered
that the master s correction of the in
ventory be approved.
This Kahulu mortgage appears on the