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MATTER OF SCHLEY

32 Misc.2d 7 (1961)

In the Matter of the Intermediate Accounting of First National City Trust Company, as Sole Surviving Trustee of an Express Trust between Henry S. Schley, Jr., and George F. Canfield and Farmers' Loan and Trust Company.

Supreme Court, Special Term, New York County.

November 13, 1961

Attorney(s) appearing for the Case

Hardy, Peal, Barker & Rawlings (Wm. Mellon Eaton and Robert Q. Carver of counsel), for Henry S. Schley, Jr. Satterlee, Warfield & Stephens for First National City Trust Co., trustee. Abraham Greenberg, as guardian ad litem.

SAMUEL M. GOLD, J.

The shares allocated to income, in the accounting, were distributable, in kind, to the income beneficiary within a reasonable time after their receipt by the trustee. That appears to be the rationale of the opinion in Matter of Wren (21 Misc.2d 494). The trustees' power of sale should not extend to property which is, at the time of sale, distributable to a beneficiary. The latter is entitled...

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