In re the Estate of Hovelaque

Foley, S.

The issue raised in this executors’ accounting is whether there shall be an apportionment, between the income and principal of the residuary trusts, of the proceeds of notes and fractional interest in notes owned by the testator. The notes, all of which are dated October 1, 1913, bear no interest and represent the purchase price of certain properties conveyed to the makers. They are payable at various dates up to January 1, 1958, when the last note becomes due. ■ Payment of the notes is guaranteed by the United States Steel Corporation and those maturing since the date of the…