The Lancaster Law Review Volume 22

The Lancaster Law Review Volume 22

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1905 edition. Excerpt: ... been filed. Those to the debit side of the account have been abandoned. The one to the credit of $614.52, "Commissions on principal" raises a thread-bare question--one upon which the swiple of judicial opinion has fallen so often that no part remains unthreshed. The law on this subject has been recapitulated by us in a number of cases, among them Estate of Thaddeus Stevens, 19 Lancaster Law Review, 92; Kercher's Estate, 21 LanCaster Law Review, 111; Greonawalt's Estate, ibid., 151; and Wilson's Estate, ibid., 393. This is a continuous trust. The purpose is to conserve the estate, preserve the fund. The trustee's compensation for so doing is five per cent, of the income, out of which it was payable, and paid as it accrued. The rule is that commissions are not allowable out of the corpus except when the fund is distributing. Excepting for the acts of the Companytrustee, the filing of this account would not have been necessary, and, therefore, on it should fall the costs. The exception is sustained, and the accountant is surcharged with $888.82, being the amount of commissions on principal, $614.52, with interest, $82.28, the costs, $39.85, and the net income admitted to have been received since filing the account, $152.17. The interest computed on the sum improperly credited as commissions on principal amounts to $104.48, of which, however, $22.20 appears to have been actually paid. We find the proper balance of the corpus to be $12,290.25, less $1.75, costs of appointment of trustee, making $12,288.60. In fixing this balance it is assumed that the whole amount owing by the Company-trustee, will be collected. In the event, however, of the succeeding trustee failing to recover the whole amount owing by the Company-trustee, it will...show more

Product details

  • Paperback | 296 pages
  • 189 x 246 x 16mm | 531g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236942507
  • 9781236942500