Legal Opinion
In re the Accounting of United States Trust Co.
New York Court of Appeals
Decided November 19, 1959PublishedCited by 6 opinions
1Opinion of the CourtFuld, J.
This appeal presents once more the problem of allocation of stock distributions as between principal and income of a trust under the rule laid down in Matter of Osborne (209 N. Y. 450). For the first time, however, we are faced with the question whether that part of a stock distribution which is supported by a transfer of capital surplus represents a distribution of earnings within the meaning of that rule.
The trust with which we are concerned was established by Oliver H. Payne under an indenture executed in 1915. By its terms, the income was payable to William Bingham, II, for life and, on…
2Cases cited11 opinions
- In Re the Accounting of OsborneNew York Court of Appeals · 1913
- United States Trust Co. v. . HeyeNew York Court of Appeals · 1918
- Equitable Trust Co. v. PrenticeNew York Court of Appeals · 1928
- Bourne v. BourneNew York Court of Appeals · 1925
- Cunningham EstateSupreme Court of Pennsylvania · 1959
6 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Estate of ReynoldsSupreme Court of Pennsylvania · 1981
- Estate of TalbotCalifornia Court of Appeal · 1969
- In re the Estate of WardAppellate Division of the Supreme Court of the State of New York · 1977
- Plainfield Trust State National Bank v. WoolleySupreme Court of New Jersey · 1964
- Wells Fargo Bank v. RickerCalifornia Court of Appeal · 1969
1 more not listed; retrieve them via the Exa API.