New York Court of Appeals
In the Matter of OnBank & Trust Co., as Trustee of Discretionary Common Trust Fund "A” (Equities) of OnBank & Trust…
November 25, 199790 N.Y.2d 725
Summary
The Court held that the 1997 amendment to Banking Law § 100‑c(3) applies retroactively, permitting a common‑trust‑fund trustee to charge mutual‑fund management fees to the fund itself, and therefore reversed the surcharge imposed by the Surrogate and remanded for further proceedings.