116 Misc. 494 | N.Y. Sur. Ct. | 1921
The objections filed to the accounting of the trustee involve payments of income only. On June 30,1913, William C. Rhinelander, the beneficiary of the trust, signed an order, prepared at his request by the attorney for the trustee and witnessed by him. The order reads as follows: “ To H. Schieffelin Sayers as trustee of the estate of H. Cruger Oakley, Deceased. Sir: You are hereby directed to withdraw all accumulated income to date in the above estate and pay it to my daughter, Marguerite R. Sayers, and to do the same with future income as it comes in.” Pursuant thereto, the trustee paid over the accumulated income and continued paying the income, as it accrued, to Mrs. Sayers, up to the death of Mr. Rhinelander. On several occasions the order was disregarded, and when requested the trustee paid to Mr. Rhinelander directly part of the income as it accrued. The objections to the payments to the daughter, Mrs. Sayers, are filed by her brother. He objects to the accounts on the ground that the paper signed by the cestui que trust on June 30, 1913, was an assignment of future income and void under section 15 of the Personal Property Law. This contention is overruled. As to the accumulated income unpaid at the date of the order, it is unquestionably valid. Section 15 of the Personal Property Law has no application to the issue here involved arid the authorities cited by contestant are not in point. The signed order of the cestui was not intended as an assignment of future
The income installments here have all accrued and the payments have all been completed. By reason, therefore, of the special circumstances in this matter, this disposition is made by the court. It is not intended in any way to countenance any evasion by a beneficiary or his assignee, nor to impair the force and vigor of the statutory prohibition against the transfer of trust income.
The objections are dismissed.
Decreed accordingly.