Legal Opinion · Concurrence
In re Forhan
Appellate Division of the Supreme Court of the State of New York
Decided July 7, 1950Published
1ConcurrenceNolan, P. J.
I concur in the result, being of the opinion, however, that neither subdivision 1 nor subdivision 5 of the trust indenture directs or authorizes recoupment of principal advanced for salvage operations from income other than that derived from the mortgage investments, or the property or funds acquired in the salvage operations. A direction for such recoupment would be invalid, as requiring *299an unlawful accumulation of income. (Personal Property Law, § 16; Matter of Rogers, 22 App. Div. 428, 436; Matter of Marshall, 43 Misc. 238; Bankers Trust Go. v. Moy, 148 Misc. 38.)
Carswell, Sneed and…
2Cases cited3 opinions
- In re Judicial Settlement of the Accounts of RogersAppellate Division of the Supreme Court of the State of New York · 1897
- In re the Judicial Settlement of the Account of Proceedings of MarshallNew York Surrogate's Court · 1904
- Bankers Trust Co. v. MoyNew York Supreme Court · 1933