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eBook details

• Title: William F. Mooers v. Margaret L. Greene
• Author : Supreme Court of Minnesota
• Release Date : January 20, 1931
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 75 KB

Description

By his will, one, who for many years had conducted a business of building and repairing wagons and truck bodies on encumbered real estate in two locations in Boston and who died leaving a widow and a minor son, appointed a single individual as executor and such individual and a nephew of the testator as trustees, and devised and bequeathed the business to the trustees with power in them to continue it for such a period or terms of years as might to them seem wise in order to dispose of it to the best advantage by sale or mortgage, and while conducting the business as trustees to pay one half of the net amount of profits to the widow and one half to the son; authorized and empowered the executor to carry on the business for a period, not to exceed twelve months, during which the nephew was given a right to elect to purchase it for $50,000 subject to certain debts; and provided that, if the nephew elected to purchase the business, the trustees should convey it to him on the terms stated. By succeeding decrees the Probate Court authorized the executor to continue the business for a year. Just previous to the expiration of the year, the nephew elected not to purchase the business and declined to serve as a trustee. No trustee ever was appointed. A petition by the executor for leave to sell the business at private sale, presented after the expiration of the year during which he had been authorized to continue the business by decrees of court, was allowed but, owing to delay caused by opposition on the part of the widow, the proposed purchaser declined to carry out the sale. A subsequent petition was allowed, a sale was made and an account of the executor was allowed which included items of expense and for services in connection with the carrying on of the business after the year authorized by the courts decree. It was agreed that the business could be disposed of to advantage only as a going concern; and the Judge found that the executor acted at all times in good faith and that all his transactions were fair and open. The widow for herself and her minor son appealed from the allowance of the account, Held, that

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