Reports of Cases Argued and Determined in the Surrogate's Courts of the State of New York; With Annotations Volume 12
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. 1916 edition. Excerpt: ...property for purposes of administration. That part of section 9 of Mr. Hatch's will empowering his executors to retain any investments which he might leave, and to convert them into cash, indicates that he did not intend by section 3 specifically to bequeath to each of the legatees therein mentioned a particular fractional part of the shares of stock or other personalty which would constitute his personal estate, because if, by section 3, he had intended to make specific bequests to the legatees, there would be no occasion for his giving in section 9 a power to his executors to retain such investments. If the testator had intended by section 3 specifically to bequeath the various forty-second parts into which he directed that his estate be divided, it must be assumed that he was aware that his executors would have to retain them for the purpose of delivering them to the legatees, and there would be no occasion for granting them the power conferred by section 9. Executors have, for purposes of administration, an administrative title to all the personal property not specifically bequeathed either directly or by necessary implication. The tendency of modern law is to enlarge the administrative title of the executors of a will, not to restrict it, although express statutes may modify this tendency in some states. By virtue of their administrative title it has been long laid down in this state that executors may sell the personal property of their testator for the purpose of paying the debts of the estate, the expenses of administration and distributing the residue among the legatees in the proportions prescribed by the will. 2 William Exrs. (7th Am. ed.), 120; Mills v. Hoffman, 26 Hun, 59%; Matter of New York Life Ins. 8: Trust Co., 86...
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- 189 x 246 x 11mm | 367g
- 13 Sep 2013
- Illustrations, black and white