IN RE BESSEMER TRUST COMPANY


147 N.J. Super. 331 (1976)

371 A.2d 316

IN RE BESSEMER TRUST COMPANY'S INTERIM ACCOUNTINGS AND INITIAL APPLICATION FOR CORPUS COMMISSIONS FOR PHIPPS FAMILY TRUSTS.

Superior Court of New Jersey, Chancery Division.

Decided December 10, 1976.


Attorney(s) appearing for the Case

Mr. Dickinson R. Debevoise, attorney for plaintiff Bessemer Trust Company (Messrs. Riker, Danzig, Scherer & Debevoise, attorneys).

Mr. Kevin J. Coakley, attorney for exceptants (Messrs. McElroy, Connell, Foley & Geiser, attorneys; and Mr. Paul J. Foley, District of Columbia Bar, of counsel).


DWYER, J.S.C.

Three individuals who are income beneficiaries during their respective lives and hold testamentary powers to appoint corpus under one or more of the five trusts for which interim accountings have been filed object to the payment of any corpus commissions. The specific grounds of exception are treated hereafter.

After gradually increasing the percentage of income taken as income commissions from 1% on September 30, 1955 to the full statutory rate...

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