Legal Opinion
In re the Intermediate Accounting of City Bank Farmers Trust Co.
New York Surrogate's Court
Decided December 11, 1958Published
1Opinion of the Court
John D. Bennett, S.
In this intermediate accounting, the trustee seeks instructions as to the disposition of certain stock dividends.
Although the invasion of principal of the trust created under paragraph Eighth of the will to pay the accountants was unauthorized in years in which the stock dividends applicable to income were sufficient to satisfy such annuities, the proper course at present is the reimbursement of principal in the years where the amount of stock dividends allocable to income would not have required any invasion of the principal (Equitable *1044Trust Co. v. Miller, 185 N. Y. S.…
2Cases cited5 opinions
- Equitable Trust Co. v. MillerAppellate Division of the Supreme Court of the State of New York · 1921
- Equitable Trust Company of New York v. . MillerNew York Court of Appeals · 1922
- In re City Bank Farmers Trust Co.New York Supreme Court · 1955
- In re the Estate of MullerNew York Surrogate's Court · 1956
- In re the Accounting of City Bank Farmers Trust Co.New York Surrogate's Court · 1947