William P. Furniss, Respondents v. Warren Cruikshank, as Substituted Trustee Under the Will of William P…

Summary

The New York Court of Appeals held that the testator intended an equitable conversion of the unimproved real estate in the trust, requiring that income attributable to the delayed sale be credited to income, that taxes on such property be paid from principal, and that trustees were not required to amortize bond premiums; the court modified the lower court's judgment accordingly and affirmed it.