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Full-Text Articles in Law
Distribution Of Extraordinary Dividends Under A Trust, R. W. Maxwell
Distribution Of Extraordinary Dividends Under A Trust, R. W. Maxwell
Washington Law Review
The distribution of extraordinary dividends between the life tenant and the remainderman under a trust created in corporate stock is a problem which has been extremely vexing to the courts with the result that three general rules have been developed. But, regardless of the rule followed, it is universally agreed that the intentions of the testator or trustor should be controlling. The extraordinary dividend is most likely to arise under one of the following circumstances: 1. Where an unusually large dividend is paid out of profits accumulated over a period of years. 2. In cases of total or part liquidation …
Precatory Trusts, Howard R. Stinson
Precatory Trusts, Howard R. Stinson
Washington Law Review
The law as to the construction of precatory words is not reducible to a formula which can be made to fit any particular case. In fact, it is hard more than to indicate an inclination or leaning of the courts in deciding such situations. With this preface in mind, we purpose to examine the early line of authorities, the modern trend at large, and the particular cases in Washington. Early English courts raised trusts on mere precatory words. The reason for this rule was perhaps because originally all trusts were at best only of precatory force, and so would most …
The Rule Of Perpetuities And Powers Of Sale, Frederick G. Hamley
The Rule Of Perpetuities And Powers Of Sale, Frederick G. Hamley
Washington Law Review
The rule against perpetuities is usually stated as prohibiting the creation of future interests or estates, which by possibility may not become vested within a life or lives in being and twenty-one years, together with the period of gestation, where the latter is necessary to cover cases of posthumous birth. It is not enough that the estate may possibly or even probably vest within the time limited by the rule, but the court must be able to see by looking at the document creating the estate that the estate will necessarily vest within the time. The Rule against Perpetuities applies …