Highland Perpetual Maintenance Society, Inc. v. Bankers Trust Co.

— The main question upon this appeal is whether, under the trust agreement for the perpetual care and maintenance of a cemetery, Highland Memory Gardens, profits realized from the sale of corporate stock by trustee, constitute income or corpus. The trial court upon application of plaintiff ruled the gain, consisting of the amount received on sale above purchase price of stock, was income and approved plaintiff’s use thereof for what it originally designated as capital improvements. The trustee and a lot owner have appealed.

The original agreement dated January 10, 1930, created a perpetual…