Lehman v. Irving Trust Co.

OPINION OF THE COURT

Wachtler, J.

The question presented on this appeal is whether an inter vivos trust which provides that the trustee shall receive certain commissions on the receipt and disbursement of income amd principal as compensation for its services precludes the trustee from receiving annual principal commissions piermitted by a statute enacted after the execution of the trust agreement. The Appellate Division held that the trustee is entitled to receive the statutory commissions in addition to those provided for in the trust. We reverse.

The controversy was submitted to the Appellate…