Randolph F. Purdy, Respondent v. Agnes Lynch, as Executrix

Summary

The New York Court of Appeals reversed the lower court's judgment and remanded for a new trial, holding that trustees Develin and Lynch were not negligent in transferring trust funds to co‑trustee Quinlan and therefore owed no accounting liability. The Court emphasized that trustee conduct must be judged by the prudence of an average person under the circumstances, not by the eventual loss.