In re the Intermediate Accounting of First National City Trust Co.

The shares allocated to income, in the accounting, were distributable, in Idnd, to the income beneficiary within a reasonable time after their receipt by the trustee. That appears to be the rationale of the opinion in Matter of Wren (21 Misc 2d 494). The trustees’ power of sale should not extend to property which is, at the time of sale, distributable to a beneficiary. The latter is entitled to decide whether or not he desires to sell his property. The income beneficiary was not apprised until the present accounting of the allocation of the sold shares to income rather than principal. The…