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MATTER OF WACHT

285 A.D. 402 (1955)

In the Matter of the Accounting of Herman Wacht et al., as Trustees under The Will of Samuel Wacht, Deceased New York Trust Company, as Trustee under The Will of Samuel Wacht, Deceased, Appellant; Herman Wacht et al., as Trustees under The Will of Samuel Wacht, Deceased, et al., Respondents

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

February 23, 1955.

Attorney(s) appearing for the Case

Orison S. Marden of counsel (Haliburton Fales, II, with him on the brief; White & Case, attorneys), for appellant.

Edward Lee of counsel (Eisman, Lee, Corn, Sheftel & Bloch, attorneys), for Freda Schiff and others, respondents.

A. Walter Socolow of counsel (Monroe E. Stein and Jules Ornstein with him on the brief; Socolow, Stein & Seton, attorneys), for Benjamin Gutman and another, respondents.

Harold C. Jesse of counsel (Donald K. Lourie with him on the brief; Harold C. Jesse, attorney), special guardian in person.

PECK, P. J., COHN and BOTEIN, JJ., concur in Per Curiam opinion; CALLAHAN and BASTOW, JJ., dissent in part in a memorandum.

Per Curiam.

It is clear that in establishing the trusts the testator made careful provision for their administration by a corporate trustee together with the individual trustees. Currently, and perhaps more urgently in the future, the efficient administration of the estate will require the continued services of a corporate trustee. The corporate trustee entered upon its duties with full knowledge that investment policy...

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