86 A.D.2d 872 | N.Y. App. Div. | 1982
In a proceeding for an intermediate judicial settlement of the account of the executors of the estate of Charles H. Revson, deceased, (1) John C. Revson appeals from so much of an intermediate decree of the Surrogate’s Court, Westchester County (Brewster, S.), dated July 22,1980, as (a) required the executors of the estate of Charles H. Revson to establish from the principal of said estate an irrevocable trust of $200,000, with interest thereon at the rate of 6% per annum from May 1, 1972, for the benefit of Jill Revson in accordance with the terms of a separation agreement dated November 6, 1970, between John C. Revson and Ricki Revson, (b) provided that the identity of the trustee and the precise terms of the trust are to be determined by the Surrogate’s Court, Westchester County, at the foot of the intermediate decree, upon application, and (c) gave effect to the agreement, dated November 4, 1976, by John C. Revson, to reimburse the decedent’s estate for the obligation to establish the trust described above; (2) Henry G. Miller, as guardian ad litem of Jill Revson, appeals from so much of the same intermediate decree as (a) limited the interest accruing on the irrevocable trust to 6% per annum from May 1, 1972 and (b) dismissed his claim under paragraph 10(d) of the separation agreement between John C. Revson and Ricki Revson; and (3) the Charles H. Revson Foundation, Inc., appeals from so much of the same intermediate decree as (a) directed the executors to establish the above-mentioned irrevocable trust for the benefit of Jill Revson and (b) failed to direct (i) that the estate be indemnified by, and have judgment over against, John C. Revson for any amount expended or to be expended under decedent’s guarantee of John C. Revson’s performance under the separation agreement, (ii) that the estate sequester these amounts from the income (and ultimately from the principal, if necessary) of the trust created for the benefit of John C. Revson under paragraph tenth of decedent’s will and (iii) that, if the balance due to said trust from the estate is insufficient to satisfy any judgment which the estate ■ may recover against John C. Revson, the executors recover such deficiency from the trustees of said trust or from any other person or persons to whom the executors have already distributed assets bequeathed to said trust or otherwise to John C. Revson or for his benefit. Henry G. Miller, as guardian ad litem of Jill Revson, also appeals from so much of a supplementary decree of the same court, dated June 5,1981, as provided that the $200,000 trust fund to be deposited with the trustee in accordance with the intermediate decree dated July 22,1980 be augmented by interest at the rate of 6% per annum from May 1, 1972 to the date of payments. Intermediate decree and supplementary decree affirmed insofar as appealed from, without costs or disbursements. On November 6, 1970, John C. Revson (the decedent’s son) and Ricki Revson entered into a separation agreement which was incorporated but not merged in their subsequent divorce decree. Paragraph 10(c) of that agreement obligated John C. Revson to establish a trust of $200,000 on or before December 31,1971. The terms of the trust, set forth in Exhibit C to the separation agreement, included monthly income payments of $1,000 to Ricki Revson for the support,