Commercial Trust Co. of N.J. v. Spiegelberg

On January 21st, 1920, the late Isaac Guggenheim executed a trust indenture, appointing as trustees thereunder the Commercial Trust Company (hereinafter referred to as the corporate trustee) and George I. Mason (hereinafter referred to as the individual trustee) to whom he, by the first paragraph thereof, left considerable property with a direction:

"* * * to pay the net income thereof to the wife of the settlor, Carrie Guggenheim, in quarterly installments, payable respectively on the first day of January, April, July and October in each and every year for and during the life of said Carrie…