In re the Accounting of Luckenbach

The facts are fairly stated in the dissenting opinion.

The weight of the evidence establishes that the trust is entitled to a share of the business rather than fractional interests in specific ships. The deceased trustee might have kept trust affairs and accounts in such shape as to justify application of the “ fractional interest ” theory, but the fact is that he did not do so. He kept no trust accounts after the year 1914, and thereafter commingled trust and personal assets without means of separate identification. His acts and statements, together with the testator’s will and the other…