Chase National Bank v. Frazier

Order and judgment reversed on the law and the facts, with one bill of costs to the appellants, and plaintiff directed to hold the funds in question and distribute them pursuant to the indenture of July 19, 1923, as if the donee of the power had failed to exercise it, and the trustees Usher and Jackson are directed to turn back the property accordingly. (1) The trust indenture and the appointment under the will of Frank Duff Frazier,, read together, disclose a violation of the Statute of Perpetuities. (Pers. Prop. Law, § 11; Matter of Wilcox, 194 N. Y. 288, 295.) The rule invoked in respect…