Gage v. Irving Bank & Trust Co.

Headnote

Trust — revocation —■ deed of trust for benefit of grantor during his life and directing payment of principal to his issue on his death — right to revoke when such right was not reserved and there were issue living at time of making grant.

Cage v. Irving Bank & Trust Co., 222 App. Div. 92 , affirmed.

Appeal from a judgment, entered December 10, 1927, upon an order of the Appellate Division of the Supreme Court in the second judicial department, reversing a judgment in favor of plaintiff entered upon a decision of the court on trial at Special Term and directing a dismissal of the complaint. Plaintiff, under an agreement with defendant, transferred to it a sum of money in trust “ to pay to or apply the net income therefrom to the use of the grantor during his life, and upon his death to pay, transfer and set over the principal of said fund to the issue of the grantor in equal shares per stirpes and in default of such issue to the next of kin of the grantor, as determined by the laws of the State of New York.” The grantor at the time of making the trust deed had three infant children and he reserved no right to revoke the trust. Thereafter plaintiff served a notice of revoca

tion and brought this action to recover the principal fund and for an accounting as to income.