Opinion ID: 2269257
Heading Depth: 1
Heading Rank: 5

Heading: Commissions on Income.

Text: Plaintiff Ditmars, Jr. contends that the defendant trustee should have been surcharged for taking income commission at 5%. This assertion is based upon plaintiff's exception No. 55 to the trustee's account. The defendant trustee contends that this exception was withdrawn. There were three groups of exceptions filed by plaintiffs relating to income commissions. Exceptions 25 to 34, inclusive, covered the period from March 31, 1930 to December 22, 1933, during which the trustee deducted 5% commission; exceptions 35 to 48, inclusive, covered the period from June 25, 1934 to April 1, 1941, during which the trustee deducted a 2% commission; and exceptions 49 to 57, inclusive, covering the period from April 1, 1941 to January 30, 1942, during which the trustee deducted 5% commission. Counsel for the three plaintiffs at the hearing before the master stipulated in open court they were not pressing the question of deduction of commissions but questioned the amount and withdrew exceptions 25 through 57 except as to rate. Both the master and the trial court held that this stipulation bound the plaintiffs as to any question of time or propriety of the deduction of income commissions during the period designated in the exceptions, and determined that the rate of 5% was fair and reasonable. We concur in the judgment of the Chancery Division in this respect.