122 N.Y.S. 1063 | N.Y. App. Div. | 1910
This is a special proceeding brought to secure the removal of Frederick Dietz as one of two surviving trustees of trusts created for the benefit of Anna Dietz by the last will and-testament of Rob-' ert E.; Dietz, deceased. It was commenced by the service- of copies of - the petition-of Anna Dietz and of the notice of motion upon the two trustees and other persons interested, and thereafter, on July 17, 1909, the matter was referred by consent to Hamilton Odell, Esq., to f take the evidence and report the same with his opinion; since that time' it has been pending before such referee and is still undetermined. Among the assets of the trust estate are included 600 shares of the R. E. Dietz Company, out of a total of 1,000 shares, the remainder belonging to Frederick Dietz and John E. Deitz, except the number of shares required to qualify Frank H. Clement as a' director. The grounds upon which the removal of Frederick Dietz as a.trustee is demanded are found in, the allegations óf the petition detailing his management of the corporation, his votes as a director and his actions as an officer thereof, and a general course of dealing by which he is claimed to have so controlled its financial operations and the distribution o"f its profits as to diminish, or keep at án inadequate figure, the dividends payable from the company ¡ and to unduly increase and .maintain its cash' surplus, thus reducing the income to the petitioner (who has the life estate from said 600 shares), and adding to the principal which will ultimately go to the remaindermen, who are Frederick Dietz, John E. Dietz and the wife of said Frank H. Clement. It is further claimed that Frederick Dietz’s personal interests are in conflict
The order appealed from must, therefore, be reversed, with ten dollars costs, and the motion denied, with ten dollars costs.
. Ingraham, P. J., Clarke and Soott, JJ., concurred.
Order reversed, with ten dollars costs and disbursements, and motion denied, with ten dollars costs.