In Re the Accounting of New York Trust Co., 21 N.E.2d 615

In Re the Accounting of New York Trust Co.

21 N.E.2d 615 | NY | 1939

Lead Opinion

Order affirmed, with costs payable out of the estate. No opinion. *776

Concur: LEHMAN, HUBBS, LOUGHRAN and RIPPEY, JJ. Taking no part: O'BRIEN, J. CRANE, Ch. J., dissents in the following memorandum in which FINCH, J., concurs:

Dissenting Opinion

The testator gave directions in the fifth clause of his will and the executors followed them. The sudden financial collapse of 1929 and 1930 was so extraordinary that the executors cannot be called negligent because they anticipated what everybody else did — a rise from a sudden drop. We are all wise after the event.