United States Trust Co. of NY v. Bingham

This action was brought, more than ten years ago, by plaintiff United States Trust Company, for a judicial settlement of its accounts as sole surviving trustee (and the accounts of a cotrustee hereafter described) of several inter vivos trusts set up by Oliver H. Payne, and herein called the “ Payne trusts ”. From 1932 the Trust Company had been cotrustee thereof with Lewis Cass Ledyard, Jr., but the latter died on May 1, 1936, so that, thereafter the Trust Company was the sole fiduciary of the Payne trusts. But the Trust Company, by Ledyard’s will, had become, in 1936, the latter’s *6executor,…