Estate of Blake

SMITH, C.

This is an appeal from a decree directing the executors of the will of deceased to pay over to the appellants —who are trustees of a bequest made by the testatrix to certain charitable uses—the balance of the amount bequeathed, as found to be due by the court. The only point in dispute is as to the item of interest on $60,000 from April 30th to July 9, 1900, amounting to the sum of $805, which, it is claimed by the appellants, should have been allowed, and with reference to which the facts, as found, are as follows:—

By the terms of the will the executors were directed, upon the expiration of twelve months from the death 'of the testatrix, to pay the sum of $80,000 to certain trustees named in the will, or, in the discretion of the executors, to some other person or persons upon trusts to be expressed in some instrument securing the application of the legacy to the trusts

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specified in the will. Under this provision the appellants were appointed trustees by the executors; and on the application of the latter an order was made by the court, April 2, 1900, directing them to pay over to the appellants, as trustees, the sum of $60,000, and further directing them to enter into a written agreement with the said trustees, expressing the trusts, as provided by the will. Accordingly, on the thirtieth day of April, 1900, the agreement directed by the court was prepared and signed by the executors, and by them presented to the appellants for signature; but was not signed by them until the seventh day of July, 1900. During this period, and until the ninth day of July following, there was on deposit in the First National Bank of Santa Barbara—of which bank during the period named H. P. Lincoln, one of the appellants, was cashier—the sum of $60,000, with written directions to the bank to pay the same to the appellants, upon notice to the bank by the attorneys of the executors that the agreement and a receipt for the money had been executed by the appellants; and such notice having been given, July 7, 1900, the money was, on the ninth day of July, placed by the bank to the credit of the appellants. It is found by the court that the delay in the payment was due to the delay of the appellants in executing the agreement and receipt required of them; and accordingly the court refused to allow interest on the sum of $60,000 (the amount ordered to be paid) for the period named.