Case Name: In the Matter of the Accounting of Agnes M. Gillies et al., as Cotrustees under the Will of George J. Gillies, Deceased. Genesee Valley Trust Company, as Cotrustee under the Will of George J. Gillies, Deceased, Appellant; Bruce G. Gillies, Respondent
Court: New York Supreme Court, Appellate Division
Jurisdiction: New York
Decision Date: 1952-05-07
Citations: 279 A.D. 1132
Docket Number: 
Parties: In the Matter of the Accounting of Agnes M. Gillies et al., as Cotrustees under the Will of George J. Gillies, Deceased. Genesee Valley Trust Company, as Cotrustee under the Will of George J. Gillies, Deceased, Appellant; Bruce G. Gillies, Respondent.
Judges: 
Reporter: Appellate Division Reports
Volume: 279
Pages: 1132–1133

Head Matter:
In the Matter of the Accounting of Agnes M. Gillies et al., as Cotrustees under the Will of George J. Gillies, Deceased. Genesee Valley Trust Company, as Cotrustee under the Will of George J. Gillies, Deceased, Appellant; Bruce G. Gillies, Respondent.

Opinion:
Memorandum: Although, in our opinion, the record proofs are sufficient to sustain the order vacating the 1945 decree settling the intermediate account of the trustees, we think that the authority given the trustees by testator's will " to retain unsold any stocks, bonds or securities" expressly authorized the retention by the trustees of the shares of stock of the corporate trustee owned by the testator. (See Matter of Ridings, 297 N. Y. 417.) Even so, the trustees will be subject to surcharge if such retention is found to have been improper on other grounds. (See Matter of Hubbell, 302 N. Y. 246.) All concur. (Appeal from an order granting petitioner's application to vacate and open a decree judicially settling the intermediate account of trustees.) Present — Taylor, P. J., McCurn, Kim-ball, Piper and Wheeler, JJ. [See 280 App. Div. 881.]