Farmers' Loan & Trust Co. v. Schulze — 237 N.Y. 626

Majority

p. 626

The Farmers’ Loan and Trust Company, as Trustee under a Deed of Trust Made by Edward Schulze et al., Respondents, v. Daisy E. Schulze, Respondent, and Ollie B. Strong et al., Appellants, Impleaded with Others.

Headnote

Trusts — construction of trust deed —• disposition of accumulated surplus.

Farmers’ Loan & Trust Co. v. Schulte, 207 App. Div. 812 , affirmed.

(Argued February 27, 1924;

decided April 1, 1924.)

Appeal, by permission, from a judgment of the Appellate Division of the Supreme Court hi the first judicial

p. 627

department, entered October 25, 1923, affirming a judgment in favor of defendant, respondent, entered upon the report of a referee. Under date of April 4, 1914, Edward Schulze, deceased, entered into an agreement with the defendant, Daisy Evelyn Schulze, his wife, and the Farmers’ Loan and Trust Company, under which a . trust fund of $50,000 was created, to be held and paid out fifty dollars weekly to the wife, and on the death of the husband the trustee was directed to convey, transfer and set over unto the party of the second part said trust fund, to be hers absolutely; the husband having died, this action was brought by the trustee to obtain a direction as to the disposition of the surplus in its hands over the amount of the trust fund.

Richard E. Weldon and Randolph Sailer for appellants.

Herbert Noble, Alex M. De Haven, Hartwell P. Heath and James H. Kirkpatrick for respondents.

Judgment affirmed, with costs; no opinion.

Concur: His cock, Ch. J., Cardozo, Pound, McLaughlin, Crane, Andrews and Lehman, JJ.