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Contact:
Michael R. Coston
Director of Marketing and Public Relations
Forchelli, Curto, Schwartz, Mineo, Carlino & Cohn, LLP
Phone: 516-248-1700
Email: mcoston@forchellilaw.com
Partner Terence E. Smolev and Counsel,
Mary E. Mongioi, Publish an article in the Latest Issue
of the New York Law Journal.
NYLJ: “Obligation to Account: In petition
against fiduciary, whether actions constitute ‘open
repudiation’ to trigger statute of limitation.”
9/17/07
Mineola, September 17, 2007 — Partner Terence E. Smolev
and Counsel, Mary E. Mongioi, published an article in the
Latest Issue of the New York Law Journal. The article discusses
the concept of “open repudiation” and how it
affects the obligation of a fiduciary to account.
In discussing whether or not a fiduciary may rely upon the
theory of laches and/or the six year statute of limitations
as a defense to a compulsory accounting proceeding brought
more than six years after her appointment, Smolev and Mongioi
explain, “The equitable defense of laches is one in
which a fiduciary relies on the inaction or neglect of a
beneficiary to assert a right within a reasonable period
of time which, when taken together with the circumstances
of a given case, may cause prejudice to the adverse party
(i.e. the fiduciary who has failed to timely account).”
Mr. Smolev is partner-in-charge of the The Firm Tax,
Trusts and Estates Department and concentrates his practice
in all aspects of tax, corporate, estates, trusts and elder
law. He is a member of the Long Island Cabinet for Israeli
Bonds, the Nassau County Comptroller’s Audit Advisory
Committee and the North Shore-Long Island Jewish Health
System Foundation Professional Advisor’s Committee.
Ms. Mongioi concentrates her practice in the areas of tax,
trusts and estates, real estate and civil litigation. She
has been an adjunct professor at Touro College since 2000
and is presently a member of the Nassau County Bar Association,
where she serves as a coordinator of the Mentoring Committee.
For more information, please pick up the latest issue of
the New York Law Journal or visit www.nylj.com.
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