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Full-Text Articles in Law
Powers-Exercise Of Power By Residuary Clause In Will-Admissibility Of Evidence To Show Donee's Intent
Michigan Law Review
Testator was the donee of general powers of appointment conferred upon him by his mother's deed and will. By the ninth clause of this will he gave to two named persons "all the rest and residue of my personal property . . . to be divided equitably among the members of said two families as they may in their uncontrolled discretion decide." Held, this did not exercise the powers of appointment. Evidence was admitted to show the testator's knowledge of the nature and scope of his property and of the fact that his estate was being diminished by the …
Trusts-Disposition Between Life Tenant And Remainderman Of Proceeds Of Bonds Bought At A Premium Or Discount
Michigan Law Review
Trustees under a will purchased two lots of bonds at a premium, one of which had a call date and price; a callable preferred stock at a price above the call price; and bonds at a discount. The trustees amortized the premium bonds to the maturity date in one case and to the call date in the other. The stock was amortized over a period of five years to the call price. The life tenant claimed the right to be paid discount accumulated on the bonds bought at a discount. Held, that the action of the trustees as to …