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MTR. OF CHASE MANHATTAN BANK

11 Misc.3d 725 (2005)

813 N.Y.S.2d 855

In the Matter of the Judicial Settlement of the Final Account of Proceedings of CHASE MANHATTAN BANK, as Trustee of the INTERMEDIATE TERM TAXABLE BOND FUND OF CHEMICAL BANK. In the Matter of the Judicial Settlement of the Final Account of Proceedings of BANK OF NEW YORK, as Trustee of the EQUITY FUND. In the Matter of the Judicial Settlement of the Final Account of Proceedings of CHASE MANHATTAN BANK, as Trustee of the INTERMEDIATE TAX-EXEMPT BOND FUND OF CHEMICAL BANK.

Surrogate's Court, New York County.

December 30, 2005.

Attorney(s) appearing for the Case

Kelley Drye & Warren, LLP, New York City, for Chase Manhattan Bank.

Emmet, Marvin & Martin, LLP, New York City, for Bank of New York.

Eliot Spitzer, Attorney General, New York City, for ultimate charitable beneficiaries.

Henry Christensen, Vincent A. Smyth, Glenn I. Levin, Michael M. Lippman, Susan Bloom and Steven Barnes, guardians ad litem.

OPINION OF THE COURT

RENEE R. ROTH, J.

At issue in these final accountings for three common trust funds is whether the decision of each accounting corporate trustee to terminate its fund was proper. In each case, the former common trust units held for individual trusts have been converted into shares of mutual funds under the corporate fiduciary's control. Although it appears that such conversions have been approved in the past, there is no judicial comment...

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