Legal Opinion
In re the Intermediate Accounting of Guaranty Trust Co.
New York Supreme Court
Decided November 22, 1957PublishedCited by 2 opinions
1Opinion of the CourtOwes- McGivern, J.
In this proceeding for the judicial settlement of the account of the trustee, a construction problem has been presented and a request made for a ruling on certain questions presented as an intermediate matter. Treating first the objection relevant to the question of allocations, the court reasons and rules as follows:
After a three-for-one conversion of common stock by the General Electric Company, incident to which it transferred funds from earned surplus to capital, 200 shares of stock held by the trustee became 600 shares. Objection has been taken by the life beneficiary to the allocation…
2Cases cited4 opinions
- Miles v. Safe Deposit & Trust Co. of BaltimoreSupreme Court of the United States · 1922
- In Re the Accounting of LloydNew York Court of Appeals · 1944
- Gibson v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1943
- In re City Bank Farmers Trust Co.New York Supreme Court · 1955
3Cited by2 opinions
- In re the Estate of DodgeNew York Surrogate's Court · 1962
- Hill v. Chase Manhattan BankNew York Supreme Court · 1959