MATTER OF SCHELL


89 Misc.2d 750 (1977)

In the Matter of The Estate of Herbert H. Schell, Deceased.

Surrogate's Court, Nassau County.

March 17, 1977


Attorney(s) appearing for the Case

Cullen & Dykman for petitioners. William L. Rothenberg, guardian ad litem.


JOHN D. BENNETT, J.

In this accounting proceeding the guardian ad litem interposes objections to the corporate fiduciary's practice of investing funds of the estate in certificates of deposit issued by the corporate fiduciary.

The law is clear that a fiduciary may not purchase securities from itself but section 100-b of the Banking Law does authorize the deposit of estate funds waiting an investment or distribution to be held on deposit by such...

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