Lorillard Spencer, 3D, as Trustees Under the Will of Lorillard Spencer, 2d, Deceased, Respondents, v…

Summary

The New York Court of Appeals held that taxes and carrying charges on the unimproved Williamsbridge farm held in trust for the widow must be charged to the principal of the trust estate, because the testator's intent, as expressed in the will and extrinsic evidence, was contrary to the general rule that such expenses are paid from income. The court also affirmed that the widow is entitled to the equivalent of income on the value of the farm from the testator's death, not the sale proceeds.