264 A.D. 925 | N.Y. App. Div. | 1942
These appeals are from two interlocutory judgments of the Supreme Court entered in Ulster county in two separate actions brought in that court by the appellant to take and state its accounts as trustee of two inter vivos trusts established by Hugh M. Beugler, now deceased, for the benefit of Bertha L. Beugler and Lois Dale Beugler respectively, and for other matters in connection with the administration of the trusts, including
“ FIRST: To keep the said property invested, to invest and from time to time reinvest the same and the proceeds thereof, and to collect the income therefrom, and after deducting all lawful charges and expenses in connection with the administration of this trust, to pay over the net income as follows:
“ A. During the life of the Settlor, to pay to Bertha L. Beugler the sum of One hundred and fifty Dollars ($150) per month while she lives, and the entire balance of said net income in equal monthly installments, as nearly as may be, to the Settlor so long as he shall live.
“ B. Upon the death of the Settlor and in the event that Bertha L. Beugler shall survive him
“ (1) The Trustee shall set aside so much of the principal then remaining of said trust fund as, in its absolute discretion, it shall deem to be sufficient to produce the income hereinabove provided to be paid to Bertha L. Beugler and, during her life, shall continue to pay said income to her so long as she shall live and any surplus income from the principal as set aside shall be paid in equal shares per stirpes to the Settlor’s children now living and to the surviving issue of any such child or children who shall have predeceased the Settlor or who shall die during the life of said Bertha L. Beugler, * * * and upon the death of Bertha L. Beugler, the Trustee shall pay over and distribute the principal so set aside in equal shares per stirpes to the Settlor’s children now living and to the surviving issue of any such child or children who shall have predeceased said Bertha L. Buegler, * * *.
“ (2) The Trustee shall divide the balance of said trust property remaining after the setting aside of the portion thereof for the benefit of Bertha L. Beugler into as many equal shares as the number of the Settlor’s children now living who shall survive him, or who, having predeceased him, shall leave issue surviving him; and, in the ease of such of said Settlor’s children as shall have predeceased him, leaving issue surviving the Settlor, the Trustee shall pay over and distribute one such share to the issue of each of such deceased children surviving the Settlor, in equal shares per stirpes; and in the case of such of the Settlor’s children now living as shall survive him, the Trustee shall hold one such share IN TRUST for the benefit of each of such children and to pay over the income therefrom to such child in equal quarterly installments, as nearly as practicable, during the period of his or her life, and upon the death of such child the Trustee shall pay over and distribute the share so held In Trust for such child, to the issue of such child then surviving in equal shares per stirpes, * * *
“ SECOND: The Trustee may from time to time in its absolute discretion, and as often as it deems advisable to pay over, transfer, convey, assign and deliver to the Settlor all or any part of the principal of the said trust fund, at all times retaining, however, a sufficient Principal Fund to provide the income to be paid to Bertha L. Beugler as aforesaid, and upon such payment or transfer, all obligation of the Trustee in reference to that part of the principal so paid over shall forthwith cease.”