Matter of Joost

In Matter of Joost (50 Misc. 78, 100 N.Y.S. 378, 5 Mills 310 [Sur Ct Kings Co 1906], affd sub nom. Matter of Voelbel, 126 App Div 932, 110 N.Y.S. 1149 [2d Dept 1908], an executor had relied on his lawyer's advice that a note payable to his decedent could not by its terms be collected until a certain date. By the date in question, however, the debtor had become insolvent and the note uncollectible. Although the Joost court observed that a fiduciary could not be surcharged for a loss resulting from his good-faith reliance on reputable counsel's advice as to the law, the court apparently was not so confident in that principle that it ended the matter there. Indeed, the court proceeded to trace the facts showing that, had the executor ignored his lawyer's advice and brought immediate suit on the note, such litigation would have been an expensive and futile effort.