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MATTER OF PRESTON

29 N.Y.2d 364 (1972)

In the Matter of the Accounting of William L. Schrauth, as Trustee under the Will of Laura W. Preston, Deceased, Appellant. Emma D. Partridge et al., Appellants; The Equitable Life Assurance Society of the United States, Respondent.

Court of Appeals of the State of New York.

Decided January 5, 1972.

Attorney(s) appearing for the Case

William L. Schrauth, appellant in person.

James S. Phair for remaining appellants.

Marshall F. Denenholz and Michael W. Brody for respondent.

Chief Judge FULD and Judges BURKE, SCILEPPI, BERGAN, BREITEL and JASEN concur.

GIBSON, J.

The appeal requires us to determine the rights of a trustee and the trust remaindermen as against an insurer, under a life insurance policy assigned to the trustee by the insured. More particularly, the issue concerns the effect of the insurer's purported but concededly void rescission of the policy, without notice to the assignee, and the omission of the insurer, in apparent reliance upon its ineffective...

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