New York Court of Appeals May 21, 1959 (Kemp v. Paterson)

lead-opinion

Fuld, J.

In 1934, Margaret Buchanan executed a deed of trust, creating the trust now before us. Insofar as pertinent, it provided that, when the settlor’s daughter, Margaret Jane, reached the age of 21 years, the settlor then being dead, the trustees were to pay over to such daughter “ all of the net income annually during the rest of her life and so much of the principal sums of the