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eBook details

• Title: Matter City Bank Farmers Trust Company
• Author : Court of Appeals of New York
• Release Date : January 25, 1958
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 66 KB

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[4 N.Y.2d 646 Page 650] This proceeding was instituted under article 79 of the Civil Practice Act for a construction of a deed of trust dated May
4, 1918. By that deed, which designated the petitioner City Bank Farmers Trust Company trustee, one Fosdick created two trusts
for the lives, respectively, of two nieces. A grandniece was named as a secondary life beneficiary under each trust. The principals
of the funds were originally made up of 300 shares of General Electric Company stock. As to each trust it was provided that
on the death of the survivor of the income beneficiaries the principal was to be distributed to the settlor or his residuary
estate. Fosdick reserved the right at any time during his life to revoke the instrument and repossess, free of all trusts,
funds in the hands of the trustee. The trustee was given authority to retain, sell, invest or reinvest the principal securities
or proceeds thereof, provided, if the settlor were still alive, that his written consent first be obtained. A special provision
for the treatment of stock dividends, the subject of this proceeding, was inserted in the deed. It states: "Anything hereinabove
contained to the contrary notwithstanding, said Trustee shall transfer to said Donor, or if he is dead, to his executor *
* * free of all trusts hereby created, any and all stock dividends which it may from time to time receive on any stocks held
by it hereunder." (Emphasis supplied.) Fosdick died on April 6, 1926 without revoking or amending the trust. His will named
the American Museum of Natural History sole residuary legatee. As such it would be entitled to any distributions of stock
in the nature of stock dividends declared after the settlor's death.

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