MATTER OF CHASE MANHATTAN BANK


21 A.D.3d 162 (2005)

798 N.Y.S.2d 615

In the Matter of the Judicial Settlement of the Final Account of the CHASE MANHATTAN BANK (Successor by Merger to the CHASE MANHATTAN BANK, N.A., Successor by Merger to CHASE LINCOLN FIRST BANK, N.A., Successor in Interest to LINCOLN FIRST BANK, N.A., Successor by Consolidation to LINCOLN FIRST BANK OF ROCHESTER), as Trustee under the Agreement Dated December 20, 1973 of A. CHARLES PIOCH, for the Benefit of KATHLEEN M. PIOCH, Respondent. CATHERINE H. HYMAN et al., Respondents; ST. JOHN FISHER COLLEGE et al., Appellants.

Appellate Division of the Supreme Court of the State of New York, Fourth Department.

July 1, 2005.


Attorney(s) appearing for the Case

Harter, Secrest & Emery LLP, Rochester (A. Paul Britton of counsel), for appellants.

Woods Oviatt Gilman LLP, Rochester (Robert W. Croessmann of counsel), for the Chase Manhattan Bank, respondent.

Chamberlain D'amanda Oppenheimer & Greenfield LLP, Rochester (K. Wade Eaton of counsel), for Arlene G. La Bounty and others, respondents.

Wiedman, Vazzana, Corcorcan & Volta, P.C., Rochester (James G. Vazzana of counsel), for Frank B. Iacovangelo, respondent.

MARTOCHE and HAYES, JJ., concur with KEHOE, J.; PIGOTT, Jr., P.J., dissents and votes to reverse in accordance in a separate opinion in which GREEN, J.


OPINION OF THE COURT

KEHOE, J.

On this appeal, we are called upon to determine whether a trustee's classification of certain funds as income rather than principal of the trust, as well as the trustee's distribution of such funds in accordance with that classification, comport with the intent of the settlor of the trust. We conclude that they do.

At issue in this proceeding is the judicial settlement...

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