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Articles 1 - 25 of 25
Full-Text Articles in Law
The Widow's Right Of Election In The Estate Of Her Husband, Elbridge D. Phelps
The Widow's Right Of Election In The Estate Of Her Husband, Elbridge D. Phelps
Michigan Law Review
Before launching into the discussion proper, and in order to avoid confusion and misunderstanding later on, it is deemed wise at once to mark out boundaries within which it is proposed to confine the treatment of the subject here involved. Accordingly, in that which follows, attention will be centered largely on the necessity for election by a widow under modern statutes which allow her to take against her husband's will, and on the effects of her election or non-election upon her interest in her husband's estate. In so far as a surviving husband has identical rights, they will be adverted …
Taxation - Federal Estate Tax - Gift In Contemplation Of Death, Edmund O'Hare
Taxation - Federal Estate Tax - Gift In Contemplation Of Death, Edmund O'Hare
Michigan Law Review
Decedent, when eighty years old and while still in good health, set up an irrevocable trust of one-third of his property, with a life estate to his daughter and remainder over on the daughter's death to her children and descendants. Under the trust deed the income was to be accumulated and added to the principal until the donor's death. The Supreme Court found that decedent, who was thinking about speculating on the stock exchange, was anxious to insure adequate provision for his daughter and her descendants upon his death, and that he therefore determined to make an irrevocable disposition of …
Trusts - Reservation Of Life Income And Power Of Revocation In Settlor - Not Testamentary Within Mortmain Statute, Benjamin H. Dewey
Trusts - Reservation Of Life Income And Power Of Revocation In Settlor - Not Testamentary Within Mortmain Statute, Benjamin H. Dewey
Michigan Law Review
A settlor purported to set up a trust of certain of his property. In the trust agreement, the settlor reserved to himself the life income from the trust property, with such further amounts from the principal as the trustee, in his absolute discretion, should deem necessary for the settlor's proper maintenance and support; the power, with the approval of the trustee, to revoke or modify the trust; and the life use of the realty encompassed by the trust, on which he was to pay taxes. At the death of the settlor, certain of the trust property was to be administered …
Wills - Conveyances Conditioned On Grantor's Death - Contracts For Posthumous Performance, Charles Haines Jr.
Wills - Conveyances Conditioned On Grantor's Death - Contracts For Posthumous Performance, Charles Haines Jr.
Michigan Law Review
By an instrument entitled a lease, the owner of a country estate agreed with the Y.M.C.A. that the latter should have a lease of the land for his life in consideration of the payment of taxes and the maintenance and improvement of a boys' camp on the premises. Further, if at his death the lease were in good standing (a right of entry for condition broken having been reserved), then the Y.M.C.A. was to receive full title to the land. Pursuant to the agreement the camp was operated, and at the lessor's death the Y.M.C.A. was in possession in good …
Death Taxes On Completed Transfers Inter Vivos, Lorentz B. Knouff
Death Taxes On Completed Transfers Inter Vivos, Lorentz B. Knouff
Michigan Law Review
The subjection of transfers inter vivas to the death tax under each of the above categories has been based upon the proposition that, for a transfer inter vivas properly to be subject to the death tax, it must bear some reasonable relationship to transfers at death either by will or under the law relating to intestacy. This rule has been applied both in problems of statutory construction and in problems of constitutionality. The recent decision of the United States Supreme Court in Helvering v. Bullard seems to have abandoned this test for the inclusion of transfers inter vivas within the …
Taxation - Federal Estate Tax - Claims Arising Out Of An Antenuptial Agreement As Deductions From Gross Estate, Charles E. Nadeau
Taxation - Federal Estate Tax - Claims Arising Out Of An Antenuptial Agreement As Deductions From Gross Estate, Charles E. Nadeau
Michigan Law Review
An antenuptial agreement provided that in the event the wife survived her husband she would receive $50,000 in lieu of her dower rights. After his death the executors paid this sum, and then sought to deduct it from the gross estate as a claim against the estate. In affirming the Board of Tax Appeals the court held that marriage and relinquishment of dower were not "an adequate and full consideration in money or money's worth" and hence the claims were not deductible under the Revenue Act of 1926. Empire Trust Co. v. Commissioner of Internal Revenue, (C. C. A. …
Powers - Rule Against Perpetuities - Disposition Of Property Where Appointment Is Invalid - Enforcement Of Contract To Appoint, James H. Kilbourne
Powers - Rule Against Perpetuities - Disposition Of Property Where Appointment Is Invalid - Enforcement Of Contract To Appoint, James H. Kilbourne
Michigan Law Review
The donor of the power bequeathed a fund to trustees to pay the income to the donee for the donee's life, and then to convey to such persons as the donee appointed by will. The donee appointed by will to trustees to pay the income to the donee's daughter for life; and then to convey the remainder to the daughter's surviving children and the surviving lawful descendants of any deceased child of the daughter, upon the death of the last surviving child or twenty-one years after the death of the last surviving child living at the donee's death, whichever event …
Parent And Child - Effect Of Adoption On Legal Status Of Child, Marcus L. Plant
Parent And Child - Effect Of Adoption On Legal Status Of Child, Marcus L. Plant
Michigan Law Review
In 1933 the appellants adopted the child of the appellees, and the decree declaring them to be the adoptive parents concluded with the words, "With leave to parents to occasionally see the child." The natural parents, who were living apart, filed several petitions in the court to see the child at stated intervals. These petitions were granted. The adoptive parents, in 1936, filed a petition alleging that the repeated visits of the natural father and mother were prejudicially affecting the child's nervous condition, and impairing his health, and praying that the provision under the decree be altered. Upon submission of …
Associations - Massachusetts Trusts - Personal Liability Of Trustees On Contracts, Michigan Law Review
Associations - Massachusetts Trusts - Personal Liability Of Trustees On Contracts, Michigan Law Review
Michigan Law Review
The trustees of a business trust, by their agent, accepted seven trade acceptances in which there was no stipulation against the personal liability of the trustees. The trust instrument under which the business was operating provided that the trustees were to be under no "personal obligation or liability of any kind," and that all having transactions with the trustees are put on notice that no trustee or subscriber is personally liable, and further, that in all contracts made by the trustees, "specific mention shall be made therein of this trust to the end that any and all parties must look …
Constitutional Law - Act Changing Pensions - Impairing Obligation Of Contracts - Due Process, Bertram H. Lebeis
Constitutional Law - Act Changing Pensions - Impairing Obligation Of Contracts - Due Process, Bertram H. Lebeis
Michigan Law Review
An Illinois statute provided for the compulsory retirement of teachers at the age of seventy with an annuity of $1500 a year for life, and an amendment thereto granted annuities on a sliding scale from $1000 to $1500 a year to teachers voluntarily retiring between the ages of sixty-five and seventy. These provisions were changed by an act of 1935 which abolished the provisions for voluntary retirement and .fixed compulsory retirement at the age of sixty-five, with annuities reduced to a flat rate of $500 annually. Plaintiffs, who either had retired or were eligible for retirement at the time the …
Torts - Negligent Misrepresentations - Information Gratuitously Supplied, Michigan Law Review
Torts - Negligent Misrepresentations - Information Gratuitously Supplied, Michigan Law Review
Michigan Law Review
Plaintiffs, who were liquidating trustees of a building and loan association, alleged that the association requested defendant to send it a copy of a certain will, but that defendant, who was trustee under the will, sent the association a copy of another will. Since the testators bore the same name, the association did not realize the error, but relied on the copy and suffered a loss which it would not have suffered if it had known the true state of facts. Plaintiffs sued to recover the loss. Held, plaintiffs have not stated a cause of action, inasmuch as they …
Testamentary Conditions Against Contest, Olin L. Browder Jr.
Testamentary Conditions Against Contest, Olin L. Browder Jr.
Michigan Law Review
It is the natural desire of any testator that his will be speedily probated after his death and that there be no rancorous bickerings over his estate by his beneficiaries. One might, therefore, expect that no-contest conditions--conditions prescribing forfeiture of any interest under the will if a beneficiary contests probate-would be of common occurrence and that the rules regulating a testator's right to employ them would be well settled. As a matter of fact, conditions of this type have appeared from time to time ever since cases were first reported, but their validity is far from settled; the state of …
Restricted Testation In New Zealand, Australia And Canada, Joseph Dainow
Restricted Testation In New Zealand, Australia And Canada, Joseph Dainow
Michigan Law Review
One of the long accepted differences between the common law and the civil law has been the freedom of testamentary disposition of the former as contrasted with the limitations of the latter. Thus, while the continental testator was limited in the amount of property that he could leave away from the members of his immediate family, the Englishman could cut them all off without a penny. In other common-law countries the same liberty was continued; but recent years have witnessed important departures.
Executors And Administrators - Comparison Of Nonclaim Statutes And The General Statutes Of Limitations, Dan K. Cook
Executors And Administrators - Comparison Of Nonclaim Statutes And The General Statutes Of Limitations, Dan K. Cook
Michigan Law Review
An overwhelming majority of the states possess nonclaim statutes, which, in one form or another, purport to bar all claims against decedent's estates not presented to the decedent's personal representative within a stipulated period. It is the purpose of this comment to compare such statutes with the general statutes of limitations, giving particular regard to those situations where the operation of the two types of statute upon one cause of action may appear to conflict.
Trusts - Effect Of Exculpatory Clauses On The Liability Of Corporate Trustees, Milton A. Kramer
Trusts - Effect Of Exculpatory Clauses On The Liability Of Corporate Trustees, Milton A. Kramer
Michigan Law Review
The average investor doubtlessly relies upon the fact that some banking institution is a trustee for the bond issue in which he places his savings, and expects a degree of care commensurate with the confidence he has in that institution. The fact is, however, because of innumerable exculpatory clauses found in the corporate mortgage, the trustee's duties in regard to the protection of the bondholders' interests are practically negligible. But before proceeding further with the subject, it is necessary to distinguish two situations: first, a case where the trustee has no duty whatsoever to act; and secondly, where a duty …
Trusts - Validity - Subject Matter - Profits To Be Acquired In The Future, Paul R. Trigg
Trusts - Validity - Subject Matter - Profits To Be Acquired In The Future, Paul R. Trigg
Michigan Law Review
The plaintiff contemplated trading in the stock market and in 1927 declared a trust of the proceeds of his stock trading for the year 1928 in favor of various members of his immediate family, agreeing to assume all losses personally and to distribute all profits equally among the beneficiaries after deducting a reasonable compensation for his services. At the expiration of the year 1928, plaintiff deducted $10,000 as compensation, which he reported in his tax return for that year, and credited the named beneficiaries with the remainder on his books, these amount being reported in their respective tax returns for …
Taxation - Estate Tax - Trust With Reservation Of Life Estate, Wallace Mendelson
Taxation - Estate Tax - Trust With Reservation Of Life Estate, Wallace Mendelson
Michigan Law Review
In 1923 decedent created an irrevocable trust, reserving to herself the income for life with remainders over. Upon decedent's death, it was held that the corpus of the trust was properly a part of decedent's gross estate for Federal Estate Tax purposes. Helvering v. Bullard, (U. S. 1938) 58 S. Ct. 565.
Wills - Right Of Assignee Of An Expectancy To Contest The Probate Of A Will, Ralph Winkler
Wills - Right Of Assignee Of An Expectancy To Contest The Probate Of A Will, Ralph Winkler
Michigan Law Review
The plaintiff filed a bill in equity to set aside the probate of a will which disinherited the testator's heir apparent. The plaintiff alleged that the will was void because of undue influence and the testator's incompetency and that his right to contest was based on an assignment by the heir apparent of his interest in his living ancestor's estate as security for a loan. Held, the plaintiff received no interest in the testator's estate by the assignment and therefore is not a proper contestant within the statute. Burk v. Morain, (Iowa, 1937) 272 N. W. 441.
Wills - Attestation - Order Of Signing In Execution Of Wills, James W. Mehaffy
Wills - Attestation - Order Of Signing In Execution Of Wills, James W. Mehaffy
Michigan Law Review
Testator procured A and B to witness his will. Both signed in the blank spaces provided for that purpose, but the testator had not yet signed. Four days later testator again brought the will to A and B, stating that he wished to sign it in their presence. Both witnesses recognized the paper as the one to which they had previously affixed their signatures, and recognized their signatures thereon. Testator signed in their presence, and nothing further was done. Held, the will was validly executed. Bloechle v. Davis, 132 Ohio St. 415, 8 N. E. (2d) 247 …
Wills - Probate - Contest - Appearance By Trustee And Executor Named In Earlier Will, Edward D. Ransom
Wills - Probate - Contest - Appearance By Trustee And Executor Named In Earlier Will, Edward D. Ransom
Michigan Law Review
Petitioner, who was the widow of the testator, sought probate of a will dated December 1934 which gave her practically the entire estate. The bank filed opposition to the will. The bank was named both as executor and as trustee in an earlier alleged will. The earlier will contained certain legacies not included in the later one and a trust of the residue for various beneficiaries. The probate court denied appearance of the bank both as executor and as trustee. Held, the bank is not entitled to contest the will as executor but may as trustee. Reed v. Home …
Trusts - Participation In Breach Of Trust By Depositary Of Trust Funds - Tracing, Michigan Law Review
Trusts - Participation In Breach Of Trust By Depositary Of Trust Funds - Tracing, Michigan Law Review
Michigan Law Review
A township treasurer, elected custodian of school funds by the trustees of schools, paid a personal debt to the bank in which those funds were deposited with a check drawn by him as treasurer on the trust account. Subsequently, in like manner, he transferred some $2,000 from the trust account to his personal account in the same bank to meet an overdraft of $ 1,000, using the balance then left in his personal account for his personal advantage without benefit to the bank. Held, that the surety who had paid a judgment in favor of the school trustees for …
Dower - Power Of Husband To Defeat His Surviving Spouse's Statutory Succession Rights By An Inter Vivos Transaction, Elbridge D. Phelps
Dower - Power Of Husband To Defeat His Surviving Spouse's Statutory Succession Rights By An Inter Vivos Transaction, Elbridge D. Phelps
Michigan Law Review
Ferdinand Straus died July 1, 1934, leaving a will dated May 5, 1934, which named his wife life beneficiary of a trust composed of one-third of his real and personal property, this being the minimum provision which he could make for her and yet preclude an election on her part to take against the will under the New York Decedent Estate Law. Three days before his death testator executed trust agreements by which he transferred all his real and personal property to trustees, who are defendants herein, and which named plaintiff herein as ultimate beneficiary. In general, all powers granted …
Trusts - Tentative Trusts - Right Of Settlor To Set-Off Against Insolvent Bank, Ralph Winkler
Trusts - Tentative Trusts - Right Of Settlor To Set-Off Against Insolvent Bank, Ralph Winkler
Michigan Law Review
Plaintiff brought this bill in equity to compel the receiver of an insolvent bank to set off a deposit against the plaintiff's liability as an indorser on a note, the maker of which was unable to discharge the debt. The account was opened by the plaintiff as "trustee" for his minor son. He had exercised complete control over the account and had made numerous withdrawals for his own purposes. Held, set-off denied. The deposit created a tentative trust; and until revocation the son was the equitable owner thereof. Since the right of set-off is determined by the state of …
Wills - Lapse - Construction - Execution Of Codicil After Death Of Legatee As Indicating Intent To Avoid Lapse, Bertram H. Lebeis
Wills - Lapse - Construction - Execution Of Codicil After Death Of Legatee As Indicating Intent To Avoid Lapse, Bertram H. Lebeis
Michigan Law Review
Testator provided in his will for the division of his real and personal estate into twenty-five equal parts, one part for each of his nieces and nephews. One of the nephews predeceased testator by seven months, leaving a minor son. Thereafter testator executed a codicil expressing his desire that a nephew by marriage be a distributee of his estate, and directing that his personal and real estate be divided into twenty-six equal parts in order to include the new distributee. In proceedings brought for construction of the will, held, that the legacy to the nephew who predeceased testator did …
Trusts - Investments - Amortization Of Bond Premium On Bond Callable Before Maturity, Anthony L. Dividio
Trusts - Investments - Amortization Of Bond Premium On Bond Callable Before Maturity, Anthony L. Dividio
Michigan Law Review
In 1929, the trustee, who was also beneficiary for life, invested $11,187.50 in bonds to mature in 1947, subject to prior call, worth $10,000 at par, which were called in and paid off October 1, 1936 at $10,500. Meanwhile, the trustee had amortized to the maturity date, setting aside one-eighteenth the amount of the premium out of interest annually, a total of $461.41, which, added to the $500 paid above par, left a balance of $226.09. In an accounting prior to her resignation in favor of a corporate trustee, held, amortization should have been to the call date and …