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MATTER OF COLGATE

277 A.D. 905 (1950)

In the Matter of Cornelia K. Colgate et al., Appellants, to Compel the Accounting of Stephen Peabody, Jr., et al., as Executors of Stephen Peabody, Deceased Trustee, and of Stephen Peabody, Jr., as Sole Successor Trustee under a Trust Made by Cornelia H. Peabody, as Settlor. Stephen Peabody, Jr., et al., Individually and as Executors of Stephen Peabody, Deceased Trustee, et al., Respondents

Appellate Division of the Supreme Court of the State of New York, Second Department.

June 26, 1950.

While the grantor directed payment of income to be made to certain designated beneficiaries in specific amounts, the trustee was given "absolute and unrestricted power to fix from time to time, and to vary and change from time to time, in his discretion, the amount of the income to be paid to each of said beneficiaries, and like power to withhold all income from any one or more of said beneficiaries, and to apply and distribute the same to others of them." In 1924, by agreement...

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