William H. Taylor died a resident of New York State on August 26, 1950. By will, he placed the assets of his residuary estate in trust, naming his two sons and a predecessor corporation of Manufacturers Hanover Trust Company, as trustees. The trustees were given the power to hold, manage, control, invest and sell any of the testator's property for the benefit of the income beneficiaries. Included in the assets of the residuary estate was real property located in the State...
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