In the Matter of OnBank & Trust Co., as Trustee of Discretionary Common Trust Fund "A" (Equities) of OnBank & Trust Co., Appellant-Respondent
In the Matter of OnBank & Trust Co., as Trustee of Discretionary Common Trust Fund "B" (Fixed Income) of OnBank & Trust Co., Appellant-Respondent. Elizabeth A. Hartnett et al., Respondents-Appellants
Appellate Division of the Supreme Court of the State of New York, Fourth Department.https://leagle.com/images/logo.png
November 8, 1996
November 8, 1996
Attorney(s) appearing for the Case
Melvin & Melvin, Syracuse (Richard Covey of counsel), and Carter, Ledyard & Milburn, New York City, for appellant-respondent.
Elizabeth A. Hartnett, Syracuse, guardian ad litem for Trust Fund A income beneficiaries, respondent-appellant.
Robert L. Jokl, Jr., Syracuse, guardian ad litem for Trust Fund A principal beneficiaries, respondent-appellant.
Peter E. McLellan, Syracuse, guardian ad litem for Trust Fund B income beneficiaries, respondent-appellant.
Michael E. O'Connor, Syracuse, guardian ad litem for Trust Fund B principal beneficiaries, respondent-appellant.
Dennis C. Vacco, Attorney-General, Albany (Michael Nicholson of counsel), for New York State Banking Department, amicus curiae.
Sullivan & Cromwell, New York City (John Warden of counsel), for New York Clearing House Association, amicus curiae.
Kramer, Levin, Naftalis & Frankel, New York City (Marvin E. Frankel, E. Lisk Wyckoff, Jr., Carol A. Ensalaco and Ashley A. Roberts of counsel), and David L. Glass, New York City, for New York Bankers Association, amicus curiae.
CALLAHAN and DOERR, JJ., concur with BOEHM, J.; PINE, J. P., dissents in part and votes to modify in a separate opinion in which LAWTON, J., concurs.
Appellate Division of the Supreme Court of the State of New York, Fourth Department.
BOEHM, J.
Petitioner, OnBank & Trust Co. (OnBank), appeals from so much of the order of Onondaga County Surrogate's Court (Wells, S.), entered January 18, 1996, requiring OnBank, as trustee of two discretionary common trust funds, to reimburse the trusts for the management fees of mutual funds in which common trust funds were invested and ordering a hearing to determine the amount to be surcharged against...
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