Case Name: In the Matter of the Final Judicial Settlement of the Account of Proceedings of Frederick B. Hufnagel and Edward H. Hufnagel, as Trustees under the Last Will and Testament of Marie C. Hufnagel, Deceased. Frederick B. Hufnagel and Edward H. Hufnagel, Trustees, etc., of Marie C. Hufnagel, Deceased, Respondents; John Rogers, Appellant
Court: New York Supreme Court, Appellate Division
Jurisdiction: New York
Decision Date: 1940-02-26
Citations: 258 A.D. 1088
Docket Number: 
Parties: In the Matter of the Final Judicial Settlement of the Account of Proceedings of Frederick B. Hufnagel and Edward H. Hufnagel, as Trustees under the Last Will and Testament of Marie C. Hufnagel, Deceased. Frederick B. Hufnagel and Edward H. Hufnagel, Trustees, etc., of Marie C. Hufnagel, Deceased, Respondents; John Rogers, Appellant.
Judges: 
Reporter: Appellate Division Reports
Volume: 258
Pages: 1088–1088

Head Matter:
In the Matter of the Final Judicial Settlement of the Account of Proceedings of Frederick B. Hufnagel and Edward H. Hufnagel, as Trustees under the Last Will and Testament of Marie C. Hufnagel, Deceased. Frederick B. Hufnagel and Edward H. Hufnagel, Trustees, etc., of Marie C. Hufnagel, Deceased, Respondents; John Rogers, Appellant.

Opinion:
Decree of the Surrogate's Court, Westchester County, settling respondents' final account as trustees and dismissing appellant's objections, modified so as to surcharge the trustees with $300, which represents the purchase price of three $100 participating mortgage certificates, with interest from the date of the purchase of the certificates, less the income therefrom which has been paid to the beneficiaries. As so modified, the decree is unanimously affirmed, without costs, and the matter remitted to the Surrogate's Court of Westchester County for the entry of a decree accordingly. In our opinion the trustees had no right to invest trust funds in mortgage participating certificates issued by a corporation of which one of the trustees was the president and a director. (Wendt v. Fischer, 243 N. Y. 439; Munson v. S., G. & C. R. R. Co., 103 id. 58.) Present — Lazansky, P. J., Johnston, Adel, Taylor and Close, JJ.