In re the Final Accounting of Bankers Trust Co.

The trust indenture, dated March 31, 1930, which is the subject of this proceeding, provided for payment of income to the settlor’s son for life, with remainder as the son should appoint by will and in default of appointment to his heirs at law. In 1945, the son renounced any right to appoint except to or for the benefit of a group including his spouse and his issue. He died in 1961. By his will he exercised his power by appointing the instant fund to his trustees in trust to pay the income to his wife for life, with remainder to his issue.

No one contends that the appointment was not validly…