In Re the Accounting of Lloyd
New York Court of Appeals
The will directs that all dividends he treated as income regardless of the effect thereof upon principal. (Matter of Osborne, 209 N. Y. 450; United States Trust Go. v. Eeye, 224 N. Y. 242; Equitable Trust Go. v. Prentice, 250 N. Y. 1; Baker v. Thompson, 181 App. Div. 469, 224 N. Y. 592; Lowry v. Farmers’ Loan & Trust Go., 172 N. Y. 137; Robertson v. de Brulatour, 188 N. Y. 301; Matter of Mart, 139 Mise. 558; Matter of Rowland, 273 N. Y. 100; Matter of Enz, 204 App.
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The will directs that all dividends he treated as income regardless of the effect thereof upon principal. (Matter of Osborne, 209 N. Y. 450; United States Trust Go. v. Eeye, 224 N. Y. 242; Equitable Trust Go. v. Prentice, 250 N. Y. 1; Baker v. Thompson, 181 App. Div. 469, 224 N. Y. 592; Lowry v. Farmers’ Loan & Trust Go., 172 N. Y. 137; Robertson v. de Brulatour, 188 N. Y. 301; Matter of Mart, 139 Mise. 558; Matter of Rowland, 273 N. Y. 100; Matter of Enz, 204 App. Div. 634, 237 N. Y. 577; McLouth v. Hunt, 154 N. Y. 179; Matter of Pennock, 285 N. Y. 475; Matter of Rogers, 22 App. Div. 428,161…
1Opinion of the CourtDesmoitd, J.
By the decree appealed from, these accounting testamentary trustees have been held subject to surcharges because they allocated wholly to income certain 1932 and 1936 cash dividends on corporate stock held in two of the three trusts erected in obedience to the commands of the will. The will named the widow and appellant trust company as executors and trustees, bequeathed a sum of money to the widow, gave the widow the life use of two residences, devised a country estate to testator’s only daughter and then directed that the whole of the residue he divided into three separate trusts. Into the…
2Cases cited3 opinions
- In Re the Accounting of OsborneNew York Court of Appeals · 1913
- Bourne v. BourneNew York Court of Appeals · 1925
- Jay Ronald Co. v. Marshall Mortgage Corp.New York Court of Appeals · 1943
3Cited by19 opinions
- In re the Accounting of Security Trust Co.New York Surrogate's Court · 1950
- In re the Accounting of HeinrichNew York Surrogate's Court · 1949
- In re Bankers Trust Co.New York Supreme Court · 1957
- In re the Will of LissbergerNew York Surrogate's Court · 1946
- In re the Intermediate Accounting of Security Trust Co.New York Supreme Court · 1956
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