James Ormiston, Respondent v. Horatio G. Olcott

Summary

The New York Court of Appeals reversed the General Term's order and held that the surviving executor and trustee, Olcott, was not personally liable for the unpaid interest on the Ohio mortgage securities he took to protect the trust fund. The court affirmed that foreign investments made out of necessity are not prohibited and that an executor is liable only for his own acts, not for the negligence of a co‑executor, and that reasonable discretion in foreclosing a mortgage does not constitute negligence.