243 A.D. 706 | N.Y. App. Div. | 1935
Motion by appellants Creighton and City Bank Farmers Trust Company, as executors and trustees under the will of William W. Cook, deceased, for an order determining that they are entitled to the award of $111,000, together with interest thereon, made for the property taken in the above-entitled condemnation proceeding; also a motion by defendant, The Presbyterian Hospital in the City of New York, for an order determining that it is entitled to the said award with interest. The Special Term, on said cross-motions, made an order denying the motion of said executors and trustees and granting the motion of the Presbyterian Hospital to the extent of determining that said hospital is entitled to receive the said award of $111,000, together with all interest due thereon, the said award to be held by the said The Presbyterian Hospital in a separate fund, subject to the same limitations to which the real property which said award represents was subject, under the terms and provisions of the fourth clause of the last will and testament of William W. Cook, deceased; “ provided, however, that said The Presbyterian Hospital in the City of New York may invest and reinvest said principal of said award only in securities prescribed for the investment of trust funds by the laws of the State of New York from time to time in force, and that all interest, rent, income and profit therefrom now accrued, or which may hereafter accrue (so long as said principal is held by said The Presbyterian Hospital in the City of New York as aforesaid) shall be the sole and absolute property of said The Presbyterian Hospital in the City of New York.” Both parties appealed from said order, each claiming to be entitled to the immediate payment of the