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MATTER OF HORRMANN

3 A.D.2d 5 (1956)

In the Matter of the Intermediate Accounting of Bankers Trust Company et al., as Substituted Trustees and as Executors of August Horrmann, Deceased Trustee, and the Accounting of Minnie S. Guggenheimer, as Executrix of Charles S. Guggenheimer, Deceased Trustee, under Trust Made by August Horrmann, as Settlor, Respondents. Ethel M. Watson et al. Appellants; Alfred Norick, as Guardian ad Litem for Unborn Issue and Others, Infants, Respondent

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

December 18, 1956.

Attorney(s) appearing for the Case

Eli H. Bronstein for Ethel M. Watson, appellant.

Abraham Shamos of counsel (Louis Newman with him on the brief; Guggenheimer & Untermyer, attorneys), for Bankers Trust Company and another, as substituted trustees and as executors of the estate of August Horrmann, deceased trustee, and Minnie S. Guggenheimer, as executrix of the estate of Charles S. Guggenheimer, deceased trustee, respondents.

Milton Sanders, as guardian ad litem for unborn issue and others, infants, appellant.

Alfred Norick, as guardian ad litem for unborn issue and others, infants, respondent.

PECK, P. J., BOTEIN, RABIN and COX, JJ., concur in Per Curiam opinion; BREITEL, J., dissents and votes to affirm in opinion.

Per Curiam.

The question involved on this appeal is the proper division, as between principal and income of a trust, of 300 shares of stock representing a stock distribution by doubling the number of shares held by each stockholder. The question is to be determined by the construction of a provision of the trust instrument governing the treatment of dividends.

The relevant provision of the trust instrument reads...

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