In re the Judicial Settlement of the Final Account of the Chase Manhattan Bank

OPINION OF THE COURT

Kehoe, J.

On this appeal, we are called upon to determine whether a trustee’s classification of certain funds as income rather than principal of the trust, as well as the trustee’s distribution of such funds in accordance with that classification, comport with the intent of the settlor of the trust. We conclude that they do.

At issue in this proceeding is the judicial settlement of the final account of petitioner, The Chase Manhattan Bank (Bank), as successor trustee of a lifetime trust (LTT) created by A. Charles Pioch (Charles) for his own benefit and, upon his death, for…