In re the Second Intermediate Accounting of Irving Trust Co.

In this proceeding for the settlement of the second intermediate account of a trustee, the petition requests a construction of the trust agreement with respect to certain distributions in the stock of corporations held by the trustee which distributions were received during the accounting period. The vexed question as to the proper allocation as between principal and income of these distributions was thus presented. Though the trust agreement was executed after the effective date of section 17-a of the Personal Property Law, it is not controlling here, for the trust agreement directs that all…