In re the Accounting of Bank of New York

Delehanty, S.

Pursuant to subdivision 10 of section 100-c of the Banking Law petitioner filed an account of its proceedings as trustee of a discretionary common trust fund which it denominates by the letter “ A With the account petitioner filed a petition asking for its settlement and asking for instructions in respect of many matters affecting the operation of the fund.

The matters on which instructions are sought require some general discussion of the nature of a common trust fund. Authority for the establishment of a “ legal ” common fund in this State was granted by chapter 687 of the Laws…