In re the Accounting of Chase National Bank

We feel that the decision of the Court of Appeals in Matter of Culver (294 N. Y. 321) requires a modification of the decree of the Surrogate’s Court insofar as it determined that Chase National Bank, as trustee, is not entitled to principal paying-out commissions. The clear import of the majority opinion in that case is that where a life income beneficiary of a trust creates a new trust under a power of appointment contained in the primary trust, particularly where the donee, although given the right to dispose of the principal absolutely, instead creates a new trust — a trustee, even though…