76 N.J. Eq. 293 | N.J. | 1909
The opinion of the court was delivered by
So far as concerns the commissions allowed the trustee upon the income of the estate, which were at the rate of five per cent., we think the circumstances of this case are sufficient to warrant the allowance of that amount, particularly in view of the fact that Mrs. Acer and her husband, who was a lawyer, both permitted the deduction of commissions at that rate without objection, and that a very large proportion of the estate was invested in the stock of a manufacturing corporation subject to the hazards of business and necessarily involving some risk to the trustee. In approving this allowance, however, we
As to the allowance of a commission upon the corpus of the estate, we think that the trustee has administered the trust for so short a time, and has had so little to do with making or changing investments, that no commission on the corpus ought to have been allowed. The cestui que trust is of such an age that it may fairly be expected that the trust will continue for thirty or forty years longer, and if the present commission were allowed to a trustee who has served some seven years only, and has practically done nothing but receive and disburse the income of investments already made, it might result in leaving too small a fund available for the payment of future commissions.
We think the decree should be reversed and the record remitted, in order that a decree may be entered disallowing the commission on the corpus.
For affirmance—Yoori-iees, Yroom—2.
For reversal—The Chief-Justice, Garrison, Swayze, Eeed, Trenohard, Parker, Bergen, Minturn, Bogert, Yredenburgh, Gray, Congdon—12.