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IN RE TRUST UNDER WILL OF ARENS

41 N.J. 364 (1964)

197 A.2d 1

IN THE MATTER OF THE TRUST UNDER THE WILL OF OTTO ARENS, FOR THE BENEFIT OF EDITH ARENS HAGEDORN. PLAINFIELD TRUST STATE NATIONAL BANK, SURVIVING SUBSTITUTED TRUSTEE, ETC., PLAINTIFF-RESPONDENT AND CROSS-RESPONDENT, v. MARY LOUISE ARENS WOOLLEY, ETC., ET AL., DEFENDANTS-APPELLANTS AND CROSS-RESPONDENTS, AND JOHN EDWARD ARENS, ET AL., DEFENDANTS-CROSS-RESPONDENTS, AND EDITH ARENS HAGEDORN, DEFENDANT-RESPONDENT AND CROSS-APPELLANT.

The Supreme Court of New Jersey.

Decided January 20, 1964.

Attorney(s) appearing for the Case

Mr. Alfred C. Clapp argued the cause for defendants-appellants and cross-respondents (Messrs. Hetfield & Hetfield, attorneys for defendant-appellant and cross-respondent Mary Louise Arens Woolley, individually and as guardian ad litem for Cheryl Arens Woolley and Richard Schuyler Woolley, Jr.; Mr. Frank J. O'Brien, guardian ad litem for defendants-appellants and cross-respondents William Arens, Barbara Arens and the unborn issue of Edith Arens Hagedorn and Siegfried H. Arens, attorney pro se; Messrs. Clapp & Eisenberg and Mr. Clapp, of counsel).

Mr. Woodruff J. English argued the cause for defendant-respondent and cross-appellant (Messrs. McCarter & English, attorneys; Mr. English, of counsel).

No appearance was made or brief filed on behalf of plaintiff-respondent and cross-respondent Plainfield Trust State National Bank, surviving substituted trustee, etc., or defendants-cross-respondents John Edward Arens, et al.

The opinion of the court was delivered by HALL, J.

This case concerns the matter of treatment, as between principal and income, of distributions with respect to corporate securities held as assets of a trust. Specifically involved are distributions in the form of stock. The fundamental question posed is whether this court should now change the New Jersey common law rule on this subject as applied to trusts created prior to May 9, 1952.

Before that date, this...

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