The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-05-14
SUE BROKERS FOR TRUST FUND
cOtDBI 4 90. ASKED To lC-
co,NIfOR MART ESTATE WONEY
,rosllaI, court sustains DcSsndantt ~
murrrr More Than sISaOOO In
,snsd Edward n. AhlIne, a. ReT.
,rrr FolDd Against ENsruiSr Nesirli.

William "A Gnadbv and Charles T.
Eborns % the Stock Exchange firm of
w Goadhy 4 Co were defendants
ra...r tctore the Appellate Division Of
-s supreme Court yesterday Il is al
eyed thar the firm knowingly accepted
nor tau S7jOOoO Of trust funds Of the
.,ats ,i Joseph B. Hart from Joseph
] Ne.ts.l executor Of the estats. and
fs-r,tred him 10 speculate through the
s-a for he uens6t Of both himself and
he frn.
The plaintiffs Ia the action are Charles
y Har-. , public accountant az IS Broad
...rr Ms Irene y. Collard and Mrs.
Imma j Sheridad. the son aud two
daughters Of Joseph B. Hart. who was a
WEALTHY Harlem real estate broker aud
uao lived At ~ West t7Sth street They
a-s sung q. the heirs TO the principal Of
t.e trust fund. which embraced all the
Part property. while Charles n. Hart
..i Nrs Collard are suing also a. the
srsr1tors ~ the estate hf their mother.
E-fns $ Hart, who died IN 1871
The complaint states that Joseph "
Ea- d,ad In 1878 and named his wife
Dao--e " Ham and Nestel who was HE
t-other-.n-sv. a. executors They were
-ri required 20 give bonds. and in case
Nsstsn accepted the appointment A.
executor he was % get 81 an In lieu ct
commission. George " HAu died IN
- and never had much 20 do with The
r.,l,e and Ms. Hart also was not active
tho Management
The complaint SAYS tina betWs@n
r,s and 10 The trust sas slvays under
ITO sctiy. managcment " Nestrll Il i
further legged mat between D-csmb-f
-. ana July. Iers. vhsn N0wtell was
removed a. sn executor. he converted
I'd m.-sppropr'at"d no irns, funds
r9 delivered tham u the firm n ". ~
'Hsdhy \ Co.. which was formed in isss
Tho funds were then used Tor The h,ncft
OF Ns-rru md ,hs hrm h. complaint
-'sre- ana Cuadhy and kilborne cid,
.r4 aU"rr.d in tho conversion and wrong
I Investment
'ucched 10 the complaint . hst
n ths dates on which. u - alleged, yauous
fnourts we're raid 20 tho firm out ~ tho
INST estate by N.sfell. t1e payment
ternning in 1872 The largest entries
r-e un.Ooo and s75.ooo. 5ofh on tcbrirry
e. 'os ard tho f7'gl ts' 10 close 90 SD
.r The plaintiffs say thst tho e1ncut ~
ye tn hfm other rloRcy and assets
70 the estate bat troy have no knowlcdge
o. The amount. they ny The funds
we're -Nrongfully ufcd m tsc purchsso
, industrial ard n .lrocd .i-ck nd other
securities and property nov author ed
{ the investment oi trust fund.-
The plaintiffs ~ they had no knowi-
.iEe u Ncstolls wrongful act until Ieoi
after the death of thsr mother vhHn
they became entitled - ths puncpel
~ The t7ist fund They thon demanded
AZ accounting from the defendants and
we're unable Ia get anything. except or
August a. ips. When the defendants de-
lvered 90 them the following securities:
Vine hundred end forty kanrwha no
ceiptA. 800 shares Detroit. Toleip end
lrunton first preferred. IGD shln res Detroit.
edo and iront1n -eolnd preferred.
,tlO0 par bonds Detroit. Toledo aud
l-onton - $1,000 par IanstJn notes
'1UO par American Tobacco 9 pr GENTS.
shares Peoples Gas common and 100
sres Twin City Rapid Tarsit
The Detroit. Toledo and Iront1n sharys
G7s Il doubtful value now, but the plain
tTs -ay that In order % get the securities
hey had to Jay tS5. sO7 20 Goadby a TO
hey demand that the firm give up an
s-rities purchased with the assets Of
'.- state. and account for all cash. stocks.
.auis and other assets sold or Otherwise
6sposei Of They are also asked 70 ao-
..4lt Tor all their profits and commission
% rhe purchase or sale of stock with
funds q the estate
lHa d-iendants demurred % the com
iar' "a the ground that i - defective
d. ~ jainipg Ncsisll as PARTY and
..- loo three Of the plaintiffs are suing
o. tho principal Of the fund and tWo Of
OIL -'n ~ executors Of Ms. Harris estate
-rng Tor the income due her The
t.,@iate Division upheld the demurrer.
.-r..y.pg that IN. .,,i, fov The accounting,
~ > -. ~. -. ..'---..--. =
' piouAhe W tAo 'N'0oo' 70
--.~H When he - appotnted.
70 report 81 Supreme Court Justice
IfKa-d B Whitney, who was appointed
ral.r.. 6.s,,. ~, -, "a The 1901 i,
. = s..------..,.,. -. -.
f''ln Ia the Surrogates Court Tor an
"'I ulng from Nesteil. h4s Med ms
port and Il Is expected that on May 81