Farmer's Loan & Trust Co. v. Winthrop

238 N.Y. 477, 144 N.E. 686 (1924)

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Nature of the Case

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Facts

Helen executed a trust and then executed corresponding powers of attorney to get assets into the trust; $5,000 was presently transferred with the right to augment it more. Under the trust, she reserved a power of revocation. Helen then gave instructions to transfer another groups of funds to the trust amounting to about $2.3 million. A series of documents were executed, and powers of attorney were given and the letter so authorizing this transfer is listed on page 535 Scoles 6th. On April 27, 1920, a representative of the Trustee called upon the company currently holding the assets, and some of them were transferred into the trust. However, almost $1.4 million of them were retained in the custody of the holder as they were not ready to be transferred. During the night of April 27, 1920, Helen died. She left a will disposing of an estate with over $20,000,000. The securities in question were eventually delivered on July 13, 1920, to the executor of the will. A dispute arose as to ownership of the funds.