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MATTER OF ONBANK & TRUST CO.

90 N.Y.2d 725 (1997)

688 N.E.2d 245

665 N.Y.S.2d 389

In the Matter of OnBank & Trust Co., as Trustee of Discretionary Common Trust Fund "a" (Equities) of OnBank & Trust Co., Appellant. In the Matter of OnBank & Trust Co., as Trustee of Discretionary Common Trust Fund "B" (Fixed Income) of OnBank & Trust Co., Appellant. Elizabeth A. Hartnett et al., Respondents.

Court of Appeals of the State of New York.

Decided November 25, 1997.

Attorney(s) appearing for the Case

Carter, Ledyard & Milburn, New York City (Jack Kaplan, Richard B. Covey and Edmund J. Behan of counsel), and Melvin & Melvin, L. L. P., Syracuse (Richard M. Storto and Kenneth J. Bobrycki of counsel), for appellant.

Hunter and Hartnett, Syracuse (Elizabeth A. Hartnett of counsel), Peter E. McLellan, Robert L. Jokl, Jr., and DeLaney & O'Connor (Michael E. O'Connor of counsel), for Elizabeth A. Hartnett, pro se, and others, respondents.

Kramer, Levin, Naftalis & Frankel, New York City (Marvin E. Frankel, Michael S. Oberman and E. Lisk Wyckoff, Jr., of counsel), and David L. Glass for New York Bankers Association, amicus curiae.

Sullivan & Cromwell, New York City (H. Rodgin Cohen, Bruce E. Clark and Mark E. Coyne of counsel), for New York Clearing House Association, amicus curiae.

Judges TITONE, BELLACOSA, SMITH, LEVINE, CIPARICK and WESLEY concur.

Chief Judge KAYE.

Does Banking Law § 100-c (3) require that a common trust fund trustee who has lawfully invested in mutual funds itself absorb the mutual fund management fees, or can those fees be paid out of the trust fund? We conclude that such fees are properly payable by the common trust fund.

A common trust fund is essentially a collection of smaller trust funds pooled for joint administration...

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