The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1907-12-17
TRUST ESTATES
To BE GUARDED
CFrom Saturdays Advertiser)

of masters in chancery. 1t was de-
livered orally and, when transcribed
by the stenographer, will be filed in
the records.
w. A. Kinney of Kinney & Marx.
attorneys for the heirs of ]. L. Blais-
dell, moved for the order. J. Alfred
Magoon, trustee under the will of ].
L. Blaisdell, 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 a
matter referred to him. While his
findings were only advisory and
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, 1t was
his duty to say so with the reasons
for his Judgment.
These proceedings were in connec-
ton with the report of ]. Marcallino,
master. on ]. A. Magoon's final ac-
counts of the Blaisdell estate. inns
document reflects very severely on
Mr.. Magoons trusteeship, as reported
in general outline below. Among the
worst of the transactions, as described
by the master, are the Eghttoot
mortgages A new mortgage for 81
500 was taken after certain conditions
of a prior mortgage for $3.50 had been
utterly unperformed. In another case
il is charged that Magoon as trustee
overpaid Magoon in his own person
sS4.5O for accrued interest. There are
strange deals reported, moreover IN
the way of taking over lands under
dishonorea mortgages.
THE MASTERS REPORT.
J.. Alfred Magoon's final account as
trustee of the estate of John l.. Blals-
dell. under the deeedent's will, is the
subject of a master IS report of twenty
seven typewriter pages by John Mar
eallino.
Separate accounts relating to the
shares of revenue coming to the three
minors-John, Alice and Matilda Blais-
dell-are covered in the report.
The trustee charged himself with
S46es.51 on account of principal and
asked to be allowed on same account
Sl020 Tor dlSDurSemenJs-
ITEMS CONTESTED.
He charged himself with $2921.34 on
account of income. asking to be allowed
the same amount on that account. One
item of income payments is SlI5 for
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 $11 for acknowledgements
TO assignments, and the master cannot
see why the estate should be made to
bear this expense, as:
"All OF the mortgages referred to IN
the trustees inventory are made to D.
A. Magoon, mortgage. These assign
ments were subsequently made by j. A.
Magoon TO ]. A Magoon, trustee under
the will of ]. L. Blaisdell. The master
contends that when Mr.. Magoon took
these mortgages, they should have
been made in the name of J. A. Magoon,
trustee under the will of ]. 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 $l1, the same being
for Acknowledgements to assignments. "
COMMISSIONS HONEST.
The trustee s commissions amounting
10 Sl20l.2S the master finds to be le-
Zally and correctly computed.
Then the master takes up the matter
IF securities, contesting in the first
place the item of Sl75 before mentioned.
PAYMENT FOR ERRORS.
The y. H. Kahulu mortgage to w. r.
,astie for S575 was assigned by w. X.
yastle to J. A. MagOOn on November
2. 1889. In June of 1901 this mortgage I
vas assigned by J. A. Magoon TO the
xona Sugar Co. The masters report
IN the account ending June 80, 1908,
elated that investigation by the mas
er with Mr.. Magoon disclosed the fact
hat error was made in crediting the ac-
cunt Win SlsO, tue NAouuN iNoAA@SN
rom the sale of Oahu land, as this was
III in by the trustee TO protect the loan.
I further developed that, by legal de-
ect. foreclosure proceedings as to the G
)ahu land were Intellectual and 1t had q
o be resold. Moreover, another party |
ontested the title of the land, which I
Tas valued approximately at $500. {
Mr.. Magoon holds, " the master on the I
COS account reported, 'that he should
e credited with the sum of S115 TO c
orreet error stated, but i am of the
pinion that adjustment of the item a
hould be delayed until such time as the
rustee shall have disentangled it," I
udge Gear on Oct. %, 1904, ordered 2
hat the masters correction of the in d
entory be approved.
This Kahulu mortgage appears on the
rustee s inventory as follows: Oh. \. U
.ahulu at 9 per cent (bal.) secured by b
md unsold at mortgage foreclosure, n
1925. e.
A POINTED QUERY.
Gas a matter or fact" the present =
aster says. ''this item should appear =
q the trustee inventory for S290.25, c
:. the item of sl75 on schedule B of .
lis account should be disallowed. :.
..Why has the trustee not resold these =
ahu lands3 Is it because the title is ~