Bamberger v. Morris

Since the corpus of the trust consists of personal property, its purpose could not be accomplished until the trustees had performed their duty to divide and distribute that property among the beneficiaries. The duty to divide and distribute included as a necessary and incidental power the right to receive payment and to collect outstanding choses in action. The trustees, therefore, could maintain this action as the real parties in interest. (Farmers’ Loan & Trust Co. v. Pendleton, 115 App. Div. 506; Bank of New York & Trust Co. v. Hamersley, 210 id. 57; affd., 240 N. Y. 558.) The notations…