Searching over 5,500,000 cases.


searching
Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.

Matter of Estate of Henry D. Moore

Decided: June 3, 1966.

IN THE MATTER OF THE ESTATE OF HENRY D. MOORE, DECEASED


Sullivan, Kolovsky and Goldmann. The opinion of the court was delivered by Sullivan, S.j.a.d.

Sullivan

This is an appeal from a judgment of the Camden County Court (Probate Division) approving the fourth intermediate account of trustees and allowing certain corpus commissions and counsel fees. However, the only part of the judgment which is actually challenged is the allowance of $68,000 in corpus commissions on this accounting to the trustees.

The trust in question is inter vivos, was created in 1918, and is for the benefit of the four children of the settlor's deceased son Gilbert. The trust terminates upon the death of the last survivor of the four children, three of whom are still alive. The surviving trustees are the Camden Trust Company and Gilbert H. Moore, who is also one of the aforesaid children. The deed of trust is silent as to the compensation to be paid to the trustees.

There have been three previous intermediate accounts. The first covered the period from the inception of the trust through 1942; the second ran through 1949, and the third

through 1958. The present accounting runs from September 9, 1958 to July 6, 1964, a period of approximately six years. Including the period covered by the present accounting, the trust has extended over a period of 46 years.

Upon the filing of the present account exceptions to the $68,170.36 in corpus commissions requested were filed by the children of the deceased child. The trial court, after hearing argument in the matter, overruled the exceptions and allowed commissions of $68,000.

The agreed statement in lieu of record on this appeal includes the following table as a summary of the pertinent facts taken from the four accounts.

Accounting Value Corpus

Trust Year Book Market Receipts Commission

Created 1918 $511,770 $511,770

1 1942 579,972 585,679 $282,523.01 $21,562.38

2 1949 534,527 727,764 5,721.84 21,848.48

3 1 958 508,014 939,059 6,171.31 35,812.74

4 1964 465,586 1,181,361 14,119.14 68,000.00

As noted in the table, the trustees on their first accounting, which covered approximately a 25-year period, were allowed corpus commissions of $21,562.38. This allowance comes to 2 1/2% of $862,495.33, the amount of corpus receipts which accountants say came into their hands during the accounting period. The aforesaid figure of $862,495.33 is used as a base for calculating commissions on all subsequent accountings. It is the use of this base (which exceptants assert is overstated by some $68,000 if the figures in the table are correct) that has generated one of the exceptions herein.

In their second intermediate accounting, which ran from 1942 through 1949, the corpus commissions requested by the trustees and allowed did not take into consideration any commissions due after the initial 25-year accounting period. Instead, commissions were calculated and allowed as follows. (The tabulations are taken from the appendix and contain minor errors.)

Net corpus as shown by first intermediate account al-

lowed by Camden County Orphans' Court on December

18, 1942 $862,495.33

Plus receipts in present account 5,721.84

----------

868,217.27

Rate of Commission 5%

----------

Commissions $43,410.86

Less commissions allowed in first intermediate account 21,562.38

----------

Commissions requested and allowed $21,848.48

On the third intermediate accounting, which ran from 1950 through 1958, corpus commissions were calculated and allowed as follows:

Net Corpus as shown by first intermediate account al-

lowed by Camden County Orphans' Court on December

18, 1942 ...


Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.