Sarver v. Towne

Defendants are trustees under the will of Henry R. Towne, deceased. The will, which was probated in 1924 in New York county, sets up trusts in favor of the testator’s grandson, -Frederick T. Towne, who was to receive the income therefrom during his lifetime. The will directed the trustees to pay the income quarterly or semi-annually for the use and benefit of the beneficiary. While the trustees have limited discretion as to the time when the income is to be paid, they have no right to withhold the income or any part of it. Subsequently Towne filed a voluntary petition in bankruptcy, and on…