Phoenix v. Livingston

In Phoenix v. Livingston (101 N.Y. 451) the property consisted of land "that was in no just sense received or transferred." (Id. at 456, 5 N.E. 70, 3 How. Pr. (n.s.) 400.) The land in question remained unsold during the trustee's tenure, "but the unsold lands, at the close of the trust, passed to the possession of the remaindermen, not through any title derived from the trustees, but by force of the original devise" (id. at 457). "whether the trustees' commissions are to be computed upon the value of the real estate" (id. at 454), rather than "sums of money received and paid out" (id.. at 457). Although not quoted verbatim in the opinion, the particular statute involved required that the trustee's commissions are "to be computed upon all sums received and paid out" (id. at 456).