261 Mass. 217 | Mass. | 1927
These are petitions for the allowance of accounts in the usual form in the Probate Court. The accounts are accurate and complete. The question presented is whether the petitioner is the proper accountant under appointment as fiduciary by the Probate Court. The material facts are the same in all the cases. The Commonwealth Trust Company of Boston, a trust company established under the laws of this Commonwealth, was duly appointed by the Probate Court for Suffolk County as trustee under wills in two cases and a conservator of property in the third. It qualified in each case by filing a bond. For a substantial time it held and administered the property thus in its charge as fiduciary. Then the trust company was converted into a national bank under the name, "The Commonwealth National Bank of Boston,” in full compliance with the provisions of § 5154 of U. S. Rev. Sts. as amended by the Act of December 23, 1913, c. 6, § 8; 38 IT. S. Sts. at Large, 258. This national bank was afterwards consolidated with the Fourth-Atlantic National Bank of Boston and the name, "The Commonwealth-Atlantic National Bank of Boston,” was taken. Act of Congress of November 7, 1918, c. 209, § 2; 40 IT. S. Sts. at Large, 1044. Its name later was changed to "The Atlantic National Bank of Boston.” No new-appointment as trustee or conservator has been made by the Probate Court, subsequent to this conversion, consolidation and change of name of the trust company.
The precise point to be decided.is whether, after the conversion, consolidation, and. change of.name, outlined above*
In Commonwealth-Atlantic National Bank of Boston, petitioner, 249 Mass. 440,
The trust company had no such property interest in its appointments as trustee and conservator as passed to the national bank as its successor. Ensign v. Faxon, 224 Mass. 145. Wilkinson v. McIntyre, 254 Mass. 325. Appointments of a trust company to such positions of trust by our courts of probate under the statutes of this Commonwealth do not constitute pecuniary assets nor property such as vests in the national bank to which such trust company may be converted.
Without extending this opinion to greater length, it is enough to say that in our opinion the cases at bar are indistinguishable in principle from Commonwealth-Atlantic National Bank of Boston, petitioner, 249 Mass. 440, where the reasons are stated with sufficient fullness and relevant decisions and statutes are cited and reviewed.
The petitioner relies upon a sentence in the opinion in Iowa Light, Heat & Power Co. v. First National Bank of Boston, 250 Mass. 353, 354, where, referring to the effect of a similar subsequent conversion of a trust company into a national bank and consolidation with another national bank upon a corporate indenture to secure an issue of bonds given to the trust company, it was held that the national bank had succeeded to all the rights, title and powers of the trust company and was trustee for the bondholders. The point here
The form of accounts presented for allowance is based on the assumption that the petitioner in each case is entitled to render the account as duly appointed fiduciary. For the reasons already set forth, it is not so entitled. It can account only de son tort. The accounts can be considered on that footing alone. Clabburn v. Phillips, 245 Mass. 47. Kaplan v. Suher, 254 Mass. 180,184.
Decree is to be entered in each case with appropriate recitals allowing the account on that basis.
Ordered accordingly.
Petition for a writ of certiorari to review the decision was denied by the United States Supreme Court on October 27,1924. 266 U. S. 617.