MATTER OF GRACE


51 Misc.2d 531 (1966)

In the Matter of The Estate of Joseph P. Grace, Deceased.

Surrogate's Court, Nassau County.

September 14, 1966


Attorney(s) appearing for the Case

Cahill, Gordon, Reindel & Ohl (Lawrence J. McKay and John C. Emery of counsel), for petitioners. Timen & Waters (Lawrence S. Timen and Carl Rosen of counsel), for Michael P. Grace, II, respondent. Charles E. Lapp, Jr., special guardian for William Russell and others, infants.


JOHN D. BENNETT, S.

In this accounting proceeding the parties have submitted for determination, on an agreed statement of facts, respondent's objection to the trustees' applying "extra dividends" earned from an investment to income instead of principal.

The testator created a trust for his grandchild wherein a portion of the income was to be used for the grandchild's benefit and the balance thereof accumulated...

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