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MATTER OF JANES

223 A.D.2d 20 (1996)

643 N.Y.S.2d 972

In the Matter of The Estate of Rodney B. Janes, Deceased. Lincoln First Bank, N. A. (Successor by Consolidation to Lincoln First Bank of Rochester) as Coexecutor of Rodney B. Janes, Deceased, Appellant; Howard Ullman, as Personal Representative of The Estate of Cynthia W. Janes, Deceased, et al., Respondents. (Appeal No. 2.)

Appellate Division of the Supreme Court of the State of New York, Fourth Department.

May 31, 1996

Attorney(s) appearing for the Case

Nixon, Hargrave, Devans & Doyle, L. L. P., Rochester (William S. Brandt and Edward G. Case of counsel), for Chase Lincoln First Bank, N. A., appellant.

Williams & Williams, Rochester (Mitchell T. Williams and Kenneth Joyce of counsel), for estate of Cynthia W. Janes, respondent.

Dennis C. Vacco, Attorney-General, Albany (Troy J. Oechsner and Barbara Gott Billet of counsel), for Ultimate Charitable Beneficiaries, respondent.

Gates & Adams, Rochester (Anthony J. Adams, Jr., of counsel), for Shriners Hospitals for Crippled Children, amicus curiae.

Sullivan & Cromwell, New York City (H. Rodgin Cohen, Philip L. Graham, Jr., Basil P. Zirinis, III, and Holly H. Weiss of counsel), for New York Clearing House and another, amici curiae.

GREEN, LAWTON, BALIO and DAVIS, JJ., concur.

DENMAN, P. J.

The question before us is whether a coexecutor was properly held liable for losses to an estate allegedly resulting from the failure of the coexecutor to diversify its investment of estate assets. If we determine that liability was properly imposed, we must then determine the proper measure of damages to be assessed against the coexecutor for its negligent retention of estate assets. We conclude...

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