Van Vechten v. Terry

Decided September 15, 1816

New York Court of Chancery · decided 1816-09-15

THE bill in this case was filed for the sale of mortgaged premises, mortgaged to the plaintiffs by the defendants, as trustees, in pursuance of a trust contained in the deed to the defendants, for lands in the city of New- York, commonly known by the name of the Washington Hall, purchased by a joint fund, raised by a subscription in shares, by above 250 subscribers. The title to the property was never in the subscribers.

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Decided 1816-09-15

How this case has been cited

Cited by 14 later decisions — most recently April 1935

11 state decisions

Later decisions citing this case, by decade. The current decade is in progress, and our corpus holds fewer opinions from the most recent years, so the latest bars are undercounted — not a real decline.

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The Chancellor.

¶1[ *198]

¶2The trustees were selected in this case to hold and represent the property, for the sake of convenience, and because the subscribers were too numerous to hold and manage the property as a copartnership. The trustees are sufficient for the purpose of this bill, which is for a sale of the pledge; it would be intolerably oppressive and burdensome, to compel the plaintiffs to bring in all the cestui que trusts. The delay, and the expense incident to such a proceeding, would be a reflection on the justice of the Court. This is one of those *cases in which the general rule cannot, and need not be enforced; for the trustees sufficiently represent all the interests concerned; they were selected by the association for that purpose, and we need not look beyond them.

¶3Demurrer overruled