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CL&M Secures the Dismissal of Compulsory Accounting Petitions

Carter Ledyard & Milburn LLP secured the dismissal of several compulsory accounting proceedings against its client, The Bank of New York Mellon, reaffirming the validity of releases and informal accountings in settling trusts upon the resignation of a trustee.    The In re Estate of Lee decision judicially validates the well-established practice of coupling Receipts and Releases with a less expensive, less time consuming, Informal Accounting as a means for avoiding a judicial accounting in the administration of a trust.  The decision makes clear that, in the absence of fraud or undue influence, an accounting fiduciary can show that the beneficiary was dealt with fairly in obtaining the release by providing a simplified accounting, and furnishing the beneficiary with the opportunity to inspect the books and records at the time of the execution of the release.
 
Inquiries can be directed to trusts & estates partner Theodore R. Wagner and litigation associate Alexander G. Malyshev, who handled the case. 
 
 
Cite as: Will of Frank A. Lee, 137494/I, NYLJ 1202666225779, at *1 (Surr., NA, Decided June 30, 2014)

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