Bank of New York v. Palmer

During his lifetime Courtlandt Palmer, Sr. (hereinafter referred to as “ Courtlandt Sr.”) created inter vivos trusts for each of his four children, the eldest of whom was Courtlandt Palmer, Jr. (hereinafter referred to as “ Courtlandt Jr.”). Several deeds of trust were executed by the father. The two controlling deeds of trust were executed on November 9, Í867, and November 22,1872. By them Courtlandt Sr. created a life interest in Courtlandt Jr. in the income from an undivided one fourth of the grantor’s property, with a limited power of appointment of the principal. The limitation permitted…