Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 6 of 6
Full-Text Articles in Law
Mutual Funds-Trusts And Trustees-Capital Gains Distributions From Mutual Funds: Income Or Principal?, Michigan Law Review
Mutual Funds-Trusts And Trustees-Capital Gains Distributions From Mutual Funds: Income Or Principal?, Michigan Law Review
Michigan Law Review
The growing prevalence of mutual fund shares in the assets of small and medium-sized estates has made the problem of allocating capital gains distributions between income and principal a matter of great concern to the trustees of such estates. A "capital gains" distribution represents a gain resulting from the profitable sale of securities held by the mutual fund. The uncertain state of the law regarding capital gains distributions from mutual funds presents a serious dilemma to the trustee: if he distributes the capital gains to the life beneficiary, the remainderman may claim that such distributions represent a partial liquidation of …
Descent And Distribution - Joint Ownership - Imposition Of Constructive Trust On Murderer Of Co-Tenant, John B. Schwemm S.Ed.
Descent And Distribution - Joint Ownership - Imposition Of Constructive Trust On Murderer Of Co-Tenant, John B. Schwemm S.Ed.
Michigan Law Review
A husband, owning land with his wife as tenants by the entireties, killed her and immediately thereafter committed suicide. In an action to determine ownership of the realty, both the probate and appellate courts declared that since a relevant disinheritance statute was inapplicable, full title vested in the husband and, upon his death, descended to his heirs. On appeal, held, reversed. Despite the common law nature of such tenancies, equity will impose on the husband a constructive trust in one-half the property for the benefit of the victim's estate. National City Bank of Evansville v. Bledsoe, (Ind. 1957) …
Wills-Failure Of Residuary Clause To Pass Undevised Property, Robert T. Haines
Wills-Failure Of Residuary Clause To Pass Undevised Property, Robert T. Haines
Michigan Law Review
Decedent, in his will, declared that he had, by trust agreement of even date, "disposed of all my intangible personal property, both during the remainder of my lifetime and after my death. Said Trust Agreement does not include within its terms my real estate, my tangible personal property, or any money. . . . This will is, therefore, specifically designed to provide for the distribution of said real estate, tangible personal property, and money." After certain specific gifts decedent directed that, "all the rest and residue of my estate, of every description, real, personal and mixed, and wherever situated," be …
Future Interests-Worthier Title Doctrine Applied To Remainder To Next Of Kin Where The Subject Matter Is Personalty, Margaret Groefsema S.Ed.
Future Interests-Worthier Title Doctrine Applied To Remainder To Next Of Kin Where The Subject Matter Is Personalty, Margaret Groefsema S.Ed.
Michigan Law Review
The trustee bank petitioned for instructions as to the proper disposition of the remainder of a trust of personal property, the principal of which amounted to some $29,000 upon the life beneficiary's death in 1942. The donor had provided for a life estate in the income, the principal to go to the settler's statutory next of kin under the laws of intestacy of the state of Massachusetts in default of the exercise by the settler of a reserved power of appointment. The court, having held that a will which Nicolls, the settler, had executed in favor of various friends of …
Wills-Joint And Mutual-Disposal By Survivor
Wills-Joint And Mutual-Disposal By Survivor
Michigan Law Review
H and W made a joint and mutual will, devising to the survivor a life interest in the joint property with certain absolute remainders over, and containing an agreement not to revoke without mutual consent. W died; her will was proved and H took the income for his life. When he died, a subsequent will was proved with provisions inconsistent with the joint will. Some of the legatees having died after W but before H, the question of distribution was before the court. Held, since H was bound by his agreement not to revoke, he held the property on …
Life Tenant And Remainderman-Income From Corporate Shares In Trust-Extraordinary Cash Or Stock Dividends
Michigan Law Review
A testator devises a block of corporate shares in trust,--the income to go to a life tenant for life, remainder to another as remainderman. So long as dividends are paid regularly, and in cash, distribution is a simple matter for the trustee. Dividends declared after the testator's death and before the death of the life tenant, are income and go to the life tenant; the rule operates regardless of when the profits which justify the declared dividends were earned. A real problem arises, however, when the corporation allows a surplus to accumulate for some time and then declares an extraordinary …