Opinion

In Re the Accounting of Bankers Trust Co.

277 N.Y. 650 · New York Court of Appeals · Mar 8, 1938

Full text

In the Matter of the Accounting of Bankers Trust Company, as Trustee Under the Will of A. Walker Otis, Deceased. Maude D. Hendrickson, Appellant and Respondent; William B. Stitt, as Special Guardian for Margaret E. Otis, an Iufant, Respondent and Appellant; Bankers Trust Company, as Trustee, Respondent

We think our opinion in Matter of Otis (276 N. Y. 101) does not imply that fiduciaries may distribute surplus income before all advances from principal are repaid. We are also of opinion that no valid distinction may be made in that regard between “ principal obligations ” and “ income obligations.”