Legal Opinion
Matter of OnBank & Trust Co.
New York Court of Appeals
Decided November 25, 1997PublishedCited by 45 opinions
1Opinion of the Court
OPINION OF THE COURT
Chief Judge Kaye.
Does Banking Law § 100-c (3) require that a common trust fund trustee who has lawfully invested in mutual funds itself absorb the mutual fund management fees, or can those fees be paid out of the trust fund? We conclude that such fees are properly payable by the common trust fund.
A common trust fund is essentially a collection of smaller trust funds pooled for joint administration and management. First authorized by the Legislature in 1937, such funds are regulated by Banking Law § 100-c. Before 1937, trustees were sometimes reluctant to administer smaller…
2Cases cited9 opinions
- Jacobus v. . ColgateNew York Court of Appeals · 1916
- People v. OliverNew York Court of Appeals · 1956
- Post v. 120 East End Avenue Corp.New York Court of Appeals · 1984
- Becker v. Huss Co.New York Court of Appeals · 1978
- Duell v. CondonNew York Court of Appeals · 1995
4 more not listed; retrieve them via the Exa API.
3Cited by45 opinions
- Majewski v. Broadalbin-Perth Central School DistrictNew York Court of Appeals · 1998
- Matter of Marino S.New York Court of Appeals · 2003
- Matter of Arbitration Between Gleason & Michael Vee, Ltd.New York Court of Appeals · 2001
- Brothers v. FlorenceNew York Court of Appeals · 2000
- Nelson v. HSBC Bank USAAppellate Division of the Supreme Court of the State of New York · 2011
40 more not listed; retrieve them via the Exa API.