O'Malley v. Mears

Citations

• 240 Pa. 373
• 87 A. 862
• 1913 Pa. LEXIS 679

Syllabus

<p>Trusts and trustees — Duty to account — Proceeding in Common Pleas — Act of June lk, 1886, P. L. 680 — Statutes.</p> <p>In a proceeding under Section 19, of the Act of June 14, 1836, P. L. 630, to secure an accounting of the management and disposition of a trust fund, it appeared that defendants’ decedent was appointed trustee by the stockholders of a certain corporation, of whom he was one, to collect the purchase money for stock sold on behalf of all of them, to collect certain outstanding accounts of the corporation, to pay indebtedness thereof and remit the balance to the stockholders pro rata. He collected and disbursed a considerable sum of money but filed no account prior to his death. Defendants, executors of his will, paid over to his successor in the trust a sum of money which they alleged was the balance remaining in his hands. An account of his estate was duly filed in the Orphans’ Court, no exceptions were filed thereto, neither the successor in the trust nor the other stockholders were represented or appeared, but after the lapse of more than four years from the date of the adjudication, a petition was filed to compel defendants, as executors of the estate of the decedent, to file an account of the management and disposition of the trust fund. The petition did not allege what, if any, share of the fund the decedent was entitled to. It appeared that all the personal estate of the decedent had been distributed, that his real estate had become free and clear of the lien of unrecorded debts, that there was no concealment of any kind, and no explanation or excuse for delay was offered. Held, that the petitioners were barred by laches and that the petition should be dismissed.</p>