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Matter of Goldstick
New York Supreme Court, Appellate Division
581 N.Y.S.2d 165 (1992)
Martin Tananbaum created a testamentary trust for his two daughters (plaintiffs). David Goldstick (defendant) was one of the two trustees for this trust. After Tananbaum’s death, Goldstick undertook several actions, including commingling approximately $180,000 of trust funds with his own funds by investing the trust’s money in real estate partnerships in which Goldstick already held substantial interests. The trust’s funds represented 14 percent of the total capital investment in these partnerships. The real estate investments were profitable, and Goldstick attributed about $160,000 of the profit from these ventures to the trust and about $2.6 million of the profit to himself. Eventually, the cotrustees submitted the trust for a final accounting. The daughters, as the trust’s beneficiaries, filed objections to the accounting, claiming numerous issues. The trial court found that the cotrustees owed the daughters $8.7 million, which included the full $2.6 million profit that Goldstick had made from the commingled real estate investments. Goldstick appealed.
Rule of Law
Holding and Reasoning (Wallach, J.)
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