In re the Accounting of Long

Griffiths, S.

The accounting trustees request instructions as to the proper allocation between principal and income of payments received from fractional interests or shares in oil royalty interests.

By paragraph “ Fourth ” of his will the decedent created seven trusts for the benefit of his wife, four daughters, a daughter-in-law and a, niece. The major assets of the trusts consist of interests in oil royalties, which were owned by the decedent at the time of his death.

The executors and trustees under the decedent’s will qualified on September 10, 1945. On March 23, 1949, a decree was made…