In the Matter of the Will of Antonin Chapal, Deceased. Francoise N. Hepworth

Summary

The New York Court of Appeals reversed the Appellate Division’s modification of the Surrogate’s decree and affirmed the original instructions that sale proceeds of foreclosed parcels be apportioned between principal and income, and that accounting expenses be allocated appropriately rather than charged solely to principal. The court held that each parcel must be treated as a separate unit and deficits of carrying charges must be advanced from principal.