In the Matter of the Appraisal for Taxation of the Estate of John F. Houdayer, Deceased

Summary

The New York Court of Appeals held that money deposited in a trust company by a non‑resident decedent is property within New York for purposes of the Transfer Tax Act and therefore taxable. The court reversed the Appellate Division’s decision and affirmed the surrogate’s appraisal. Justice Gray dissented, arguing the deposit was merely a chose in action and not taxable.