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MATTER OF PAYNE (BINGHAM)

7 N.Y.2d 1 (1959)

In the Matter of the Accounting of United States Trust Company of New York, as Trustee for William Bingham, II, Deceased, under Indenture of Oliver H. Payne, Respondent. Sidney W. Davidson et al., as Executors and Trustees under the Will of William Bingham, II, Deceased, et al., Appellants; Harry P. Bingham, Jr., et al., Respondents.

Court of Appeals of the State of New York.

Decided November 19, 1959.

Attorney(s) appearing for the Case

Leslie D. Dawson for appellants.

Bernard Newman, guardian ad litem for Belinda Bingham, and others, infants, respondents.

Alexis C. Coudert and John W. Dougherty, III, for Harry Payne Bingham, Jr., individually, respondent.

Charles A. Buckley, Jr., guardian ad litem for Belinda Bingham and others, infants, in another accounting proceeding, amicus curiæ.

Cyrus S. Jullien and Edward J. McDonald for Elizabeth B. K. Carruthers and another, amici curiæ.

Judges DESMOND, DYE, VAN VOORHIS and BURKE concur with Judge FULD; Chief Judge CONWAY dissents in an opinion in which Judge FROESSEL concurs.

FULD, J.

This appeal presents once more the problem of allocation of stock distributions as between principal and income of a trust under the rule laid down in Matter of Osborne (209 N.Y. 450). For the first time, however, we are faced with the question whether that part of a stock distribution which is supported by a transfer of capital surplus represents a distribution of earnings within the meaning of...

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