In re the Estate of Babcock

OPINION OF THE COURT

Renee R. Roth, S.

In this proceeding to review the reasonableness of the compensation of the corporate cotrustee (SCPA 2312), respondent First National City Bank has moved that the petition be dismissed on the ground that it fails to state a cause of action.

Petitioner, Dorothy B. Chapin, is the income beneficiary of a trust created under testatrix’ will. The principal asset of this trust is a block of stock in a listed but infrequently traded family corporation. It is undisputed that the actual value of each share exceeds its traded price. Petitioner alleges that over the…