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UNITED STATES TRUST CO. OF N. Y. v. BINGHAM

301 N.Y. 1 (1950)

United States Trust Company of New York, as Sole Surviving Trustee of the Trusts Created for Harry P. Bingham and Others by Oliver H. Payne, Plaintiff, v. Harry P. Bingham et al., Defendants. Dorothy L. Kniffin, as General Guardian of the Property of Norah Knight and Another, Infants, Appellant; United States Trust Company of New York, as Executor and Trustee, et al., Respondents.

Court of Appeals of the State of New York.

Decided April 13, 1950

Attorney(s) appearing for the Case

Mortimor S. Gordon, Julius Henry Cohen, Harry Balterman and Albert I. Da Silva for appellant.

John M. Harlan and James E. Nickerson for United States Trust Company of New York, respondent.

Emil Morosini, Jr., and R. Emmet Digney, in person, for R. Emmet Digney, respondent.

LEWIS, CONWAY, DYE and FULL, JJ., concur with LOUGHRAN, Ch. J.; DESMOND, J., dissents in opinion in which FROESSEL, J., concurs.

LOUGHRAN, Ch. J.

On September 7, 1915, Oliver H. Payne executed four deeds of trust in each of which he appointed Lewis Cass Ledyard, Sr., and Lewis Cass Ledyard, Jr., as cotrustees. Each of these instruments also granted to the trustees a right to reasonable compensation, to be retained by them out of the income of the trusts, and further provided that their right to compensation...

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