Open Access. Powered by Scholars. Published by Universities.®
- Keyword
-
- Intent (3)
- New Hampshire (3)
- Widows (3)
- Cestui que trusts (2)
- Illinois (2)
-
- Legacies (2)
- Massachusetts (2)
- Michigan (2)
- Minnesota (2)
- Negotiable Instruments Law (2)
- Accumulation (1)
- Alderman v. Alderman (1)
- Alienation (1)
- Alimony (1)
- Allred Attorney General (1)
- Ambiguity (1)
- American Law Institute (1)
- Amortization (1)
- Annuities (1)
- Arkansas (1)
- Beneficiaries (1)
- Bills for construction (1)
- Bogert (George C.) (1)
- Bonds (1)
- Boston Safe Deposit & Trust Co. v. Prindle (1)
- Boston Safe Deposit and Trust Co. v. Williams (1)
- Brahmey v. Rollins (1)
- Breach of duty (1)
- Burdensome legacies (1)
- California (1)
Articles 1 - 30 of 31
Full-Text Articles in Law
Torts - Right Of Prospective Legatee Against Person Preventing Execution Of Will, Emma Rae Mann
Torts - Right Of Prospective Legatee Against Person Preventing Execution Of Will, Emma Rae Mann
Michigan Law Review
The plaintiff's sister had prepared a will which she desired to have witnessed, by the terms of which will the plaintiff would have received a share of her sister's estate. The defendant, brother-in-law of the plaintiff, by threats prevented his wife from completing the execution of the will, and he acquired all of her property by intestate succession. The plaintiff sued for damages in the amount of the proposed legacy, but the court held that the petition stated no cause of action inasmuch as there was no showing that the defendant had invaded any property right of the plaintiff. Cunningham …
Wills - Class Gift To Persons Named
Wills - Class Gift To Persons Named
Michigan Law Review
By the terms of his father's will, the plaintiff was made beneficiary of a trust fund which the testator directed "shall be and is in full of all claim . . . which he is to have out of my estate." Specific bequests were given to two of the testator's sons. The residue was devised and bequeathed "in equal parts to my following named children" (the seven brothers and sisters of the plaintiff being named as legatees). One son who was named both as a specific and residuary legatee predeceased the testator. The plaintiff contended that the bequest to that …
Trusts-Restated And Rewritten, Harry W. Vanneman
Trusts-Restated And Rewritten, Harry W. Vanneman
Michigan Law Review
Two books were published during the past year which are of the greatest importance to those of the legal profession who are interested in the law of trusts. Professor Bogert's seven volumes appeared first, followed shortly by The Restatement of the Law of Trusts by the American Law Institute, of which Professor Scott, of the Harvard Law School, was the reporter. Professor Bogert, of the University of Chicago Law School, was a member of the Institute's Committee on Trusts. Since 1927, therefore, when the Institute began work on the Restatement of Trusts, Professor Bogert apparently has been working …
Trusts - Restraints On Alienation - Ability Of A Divorced Wife To Reach The Corpus Of A Spendthrift Trust For Alimony Claim
Michigan Law Review
Testator placed the residue of his estate in trust, and, after making provision as to one-third of the principal and income for his widow, left the remaining two-thirds to his children, or their children by right of representation, the net annual income to be paid to them in convenient installments for twenty years after his death, the principal share of each to be transferred in four as nearly equal installments as possible at five-year intervals. By a codicil, executed after plaintiff, the wife of one of testator's sons, had announced her intention of securing a divorce, it was provided that …
Wills - Conveyance By Testator Of Land Devised As Implied Revocation
Wills - Conveyance By Testator Of Land Devised As Implied Revocation
Michigan Law Review
Testator devised "all the property, real, personal or mixed of which I die seised" to defendant. Subsequently, he and his wife conveyed a portion of the land he then owned to the defendant. Defendant later reconveyed to the testator. Testator never republished his will, nor altered it in any way. Plaintiffs are his heirs at law and insist that as to these lands the will was revoked and the testator died intestate. Held, there was no revocation here. The land in question passed under the devise to the defendant as after-acquired property, the language of the general devise being …
Estates-Valuation Of A Life Estate
Estates-Valuation Of A Life Estate
Michigan Law Review
A tract of land was conveyed to H. C. Miracle for life and the remainder in fee to his four children by name. The life tenant (H. C. Miracle) together with three remaindermen deeded the tract of land to a purchaser for $15,000 on the understanding that the other remainderman, an infant, would execute a deed upon reaching her majority. The infant remainderman, however, had refused to convey and had brought partition proceedings against the purchaser in which one-fourth of the land was set apart for her. The life tenant had borrowed from the plaintiff, giving his note. In a …
Wills - Election To Take A Bequest Or Devise
Wills - Election To Take A Bequest Or Devise
Michigan Law Review
The testator made a bequest of $2,000 to the First Lutheran Church. This bequest was to be paid by the testator's sons, who were made residuary legatees on condition that they pay the $2,000. The sons asserted a constitutional provision that no man shall be compelled to erect, support or maintain any religious order against his consent as a defense to any payment required of them. Held, the bequest was valid on the theory that there was no compulsion to pay as the sons could elect not to take under the will. However, if the sons did take, they …
Trusts - Commingling By Life Tenant Of Personalty Not An Act Which Necessarily Requires The Giving Of Security For Remainderman's Protection
Michigan Law Review
T, after certain other bequests, left the residue of his estate, consisting of personalty in the form of stocks, bonds, cash securities, out of which the debts of the estate were paid, to his wife for life, remainder to T's children. The wife commingled this fund with her personal funds, negligently, but not fraudulently. P, one of the remaindermen, brought a bill for accounting and appointment of a trustee, or at least for requiring security of the life tenant for P's protection. Held, mere negligent commingling by the life tenant does not alone constitute a …
The Effect Of Impossibility Upon Conditions In Wills, Lewis M. Simes
The Effect Of Impossibility Upon Conditions In Wills, Lewis M. Simes
Michigan Law Review
Writers may discourse upon the danger of construing trees to mean raspberry bushes or cabbages, but the fact remains that written instruments are interpreted with the aid of something more than a dictionary. Circumstances existing both at the time the document is executed and at a subsequent period are considered in determining what it means. This statement applies to conditions as well as to other parts of a written instrument. Nor should we be surprised to find that impossibility of performance may modify legal consequences.
Bills And Notes-Negotiability Of Bonds Issued By Massachusetts Trust
Bills And Notes-Negotiability Of Bonds Issued By Massachusetts Trust
Michigan Law Review
In a replevin action to recover stolen bonds, held that the exclusion of the personal liability of the issuing trustees rendered the instruments nonnegotiable, Lorimer v. McGreevy, (Mo. APP. 1935) 84 S. W. (2d) 667.
Trusts-Interest Required To Support Suit For Protection Of Res
Trusts-Interest Required To Support Suit For Protection Of Res
Michigan Law Review
The deceased had established a trust making the trust company and one Percy S. Peck co-trustees, and Peck was also made one of several beneficiaries. The will provided that Peck should have a general power of appointment by will over the corpus of the estate, and that in default of the exercise of such power, it should go to his issue if living. The plaintiffs are the issue of Peck, who is still alive. The trustees made certain investments which the plaintiffs claim injure the corpus of the trust, for which they ask that the transactions be declared illegal and …
The Reduction Of Income Taxes Through The Use Of Trusts, William C. Warren
The Reduction Of Income Taxes Through The Use Of Trusts, William C. Warren
Michigan Law Review
Obviously the draftsmen of the first Revenue Act under the Sixteenth Amendment could not foresee every possibility of tax avoidance and adequately prevent such avoidance by express statutory provisions. Since the enactment of the Revenue Act of 1913, Congress has made constant efforts in each succeeding Revenue Act to close the loopholes discovered by tax lawyers. The success of these efforts has been most remarkable, particularly in comparison with the similar efforts of England under her income tax laws. Indeed, it may fairly be said that the enactment. of the Gift Tax Act in 1932 wrote the final chapter of …
Trusts-Executors As Trustees-Existence Of A Res Sufficient To Constitute A Trust
Trusts-Executors As Trustees-Existence Of A Res Sufficient To Constitute A Trust
Michigan Law Review
Testator provided in his will that $35,000 of the estate be set aside in trust for the life of his widow. E, executor of the estate, being named trustee, posted bond, and, while heavily indebted to the estate, attempted to transfer the trust fund to himself as trustee from himself as executor by means of a check upon the estate payable to himself as trustee, which he endorsed and deposited to the credit of his own personal account in the same bank upon which it was drawn. The probate court, treating the check as a valid segregation of the …
Trusts-Effect Of Gift To Executor For "Charity And Other Worthy Objects"
Trusts-Effect Of Gift To Executor For "Charity And Other Worthy Objects"
Michigan Law Review
A testator directed his executor to sell all his assets within five years and to distribute the proceeds to "such charities and worthy objects" as the executor and the testator's sister should determine, "remembering . . . the City of Fort Worth . . . , the City of Vancouver . . . , Parker County, in Texas, and England, places to which I have become attached." The executor proceeded to administer the estate and gave some of it to the Methodist Episcopal Bishop of Texas for the use of his church. The attorney general of Texas then filed a …
Trusts - Duration Of An Indestructible Trust
Trusts - Duration Of An Indestructible Trust
Michigan Law Review
The celebrated case of Claflin v. Claflin left in its wake a number of novel legal problems, some of which have been at best only partially resolved. One of the most perplexing is that of the duration of the so-called "indestructible trust." Once such an "indestructible trust" is created, how long may it be permitted to endure? If an attempt is made to attain excessive duration, what penalty attaches? What disposition will be made of the legal and equitable estates?
Trusts-Liability Of Trust Estate For Torts Of Trustee
Trusts-Liability Of Trust Estate For Torts Of Trustee
Michigan Law Review
Defendants, trustees of land which had been leased for years to plaintiff, demanded that plaintiff stop removing crops from the land until the past-due rent was paid. Such a removal of crops was a criminal offense by South Carolina statute. In a suit for libel against the defendants in their representative capacity, held, defendants' demurrer sustained. Ross v. Moses, 175 S. C. 355, 179 S. E. 757 (1935).
Assignments -Validity Of Gratuitous Written Assignment
Assignments -Validity Of Gratuitous Written Assignment
Michigan Law Review
Deceased took defendant, his son, to a notary and there made and acknowledged written assignments of three mortgages he owned. He handed these assignments to defendant, saying "I give you these. Put them in the safety-deposit box." Defendant went away with the assignments which reappear only after the father's death; they were found in an envelope, marked with defendant's name in deceased's hand, in a safety-deposit box owned jointly by deceased and defendant. Deceased always retained possession and enjoyment of the actual mortgage instruments. Plaintiff, another son, claims these mortgages should be part of deceased's estate. The court held that …
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 …
Bills And Notes--Conditions-Negotiable Despite Reference To Trust Agreement
Bills And Notes--Conditions-Negotiable Despite Reference To Trust Agreement
Michigan Law Review
Bonds, stolen from the owner, were subsequently acquired by a bona fide purchaser who received payment from the obligor. The owner sued the obligor on the ground that the bonds were non-negotiable. The first paragraph in each bond contained an unconditional promise to pay. The second and third paragraphs contained the following clauses: "This bond is one of a series . . . executed and delivered in accordance with and subject to the provisions of the Trust Mortgage hereinafter referred to and in pursuance of resolutions of stockholders. . . . The payment of this bond and of the coupons …
Trusts-Deviation From Terms Of Trust In Emergency
Trusts-Deviation From Terms Of Trust In Emergency
Michigan Law Review
In his will the testator made several specific legacies, including one to his widow, who was also to receive a specific devise of real estate. The remainder of the estate was given in trust, to pay the income to the widow during her life. It was also provided that in case there was not sufficient money to pay the bequests, the trustees "shall dispose of my real estate, but not for a period of three years after my decease, if they deem it necessary and proper" and payment of the bequests in that case was not to be made till …
The Secured Creditor's Share Of An Insolvent Estate, Fred T. Hanson
The Secured Creditor's Share Of An Insolvent Estate, Fred T. Hanson
Michigan Law Review
Liquidation proceedings destroy the creditor's independent right to enforce full payment of the debt or in any way obtain a new advantage over other creditors. This change in the normal incidents of property in a debt is necessary in order to distribute the limited fund equitably. But in applying this principle, previously acquired rights by way of lien upon specific property must be respected.
Wills-Construction-"Personal Property" As Including Real Estate
Wills-Construction-"Personal Property" As Including Real Estate
Michigan Law Review
Testatrix, a German woman, not particularly familiar with the English language, drew a holographic will making certain specific bequests of money and bonds and concluding by giving all her "personal property" to three named beneficiaries. Testatrix died leaving both realty and personalty. Held, both realty and personalty passed under the term "all my personal property." "My personal property" was construed to mean "my own property." In re Olsen's Estate, (Cal. App. 1935) 50 P. (2d) 70.
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 …
Future Interests-Rule Against Perpetuities-Application To Estate Created Under Power Of Appointment By Will Only
Michigan Law Review
The testator died in 1872 leaving to testatrix in trust certain property over which she was given a general power of appointment by will. The testatrix died in 1928 leaving this property in a trust which was found to violate the rule against perpetuities. In discussing this, the question was raised whether in testing the validity of the estate created by the power of appointment, the period of the rule is calculated from the time of the creation of the power of appointment or from the time of its exercise. Held, that the permissible period is to be measured …
Executors And Administrators-Executor's ''Right Of Retainer" Of Distributive Share Of Estate Where Distributee Is Indebted To Decedent
Michigan Law Review
A question little noticed by legal writers, but of utmost importance in the administration and distribution of decedents' estates, is the universally recognized right of executors and administrators of the estates to retain a distributive share as satisfaction in whole or in part for a debt due from the distributee to the estate of the decedent. It should be remarked at the outset that the term "retainer" as here used is itself a misnomer; properly speaking, that term refers to the right of an executor, who is himself a creditor of the estate, to retain from its funds in his …
Gifts - Subsequent Declarations By Donor-Voluntary Self Declaration Of Trust
Gifts - Subsequent Declarations By Donor-Voluntary Self Declaration Of Trust
Michigan Law Review
Certain bonds were found in a safe deposit box of the decedent in an envelope marked with the words "Property of X." X sought to introduce evidence of declarations of decedent made to third persons to the effect that he had given the bonds to X before. Held, that such declarations were inadmissible because there was no extraneous evidence of a delivery of the bonds to X to support the theory of a gift. Reynolds v. Kenney, (N. H. 1935) 179 A. 16.
Taxation-Federal Income Tax-Taxation To Settlor Of Income From Trust Established To Discharge A Legal Obligation
Michigan Law Review
Shortly before the entering of a decree of absolute divorce in favor of his wife, a husband agreed to transfer securities in trust for the wife's benefit in lieu of alimony and all other claims. The divorce decree incorporated the trust agreement. On certiorari to the Circuit Court of Appeals for the Eighth Circuit, which had sustained a tax against the settlor on the income of the trust estate on the ground that it discharged a legal obligation, the Supreme Court of the United States affirmed the judgment. After disposing of the argument that the trust was entirely voluntary since …
Trusts -Termination Of Trusts Where Life Beneficiary Acquires Remainder - Proof Of Impossibility Of Issue
Michigan Law Review
Plaintiff was named life beneficiary of a trust, the legal remainder being disposed of to her children, or if she died without issue, then to H. H died before the plaintiff; and the plaintiff, establishing that she is childless and no longer capable of having issue, seeks a termination of the trust on the ground that the now intestate remainder has become vested in her, the sole heir at law of the settlor. Held, both an unrestricted life estate and the legal remainder being in the plaintiff, the trust can be terminated. White v. Weed, (N. H. …
Trusts-"Swelling Of Assets" Theory In Tracing Misapplied Funds
Trusts-"Swelling Of Assets" Theory In Tracing Misapplied Funds
Michigan Law Review
Plaintiff's husband gave certain bonds to a college, to be held in trust until the death of the donor and his wife, and then to be added to the endowment funds of the college. The college was also to pay an annuity to the donor while he lived, and to his wife for life if she survived him. The cestui was given a right to revoke the trust and take back the bonds if the annuity was not paid. The college, without notice to the cestui, sold the bonds and used the funds to install a heating plant in its …
Corporations-Voting Trusts-Public Policy
Corporations-Voting Trusts-Public Policy
Michigan Law Review
Owning practically all the stock in two corporations, the decedent by will divided his holdings equally among his six children. To perpetuate the control of two sons who had been in active management for ten or twelve years, the other children transferred their stock in trust to the two sons to hold during the lives of these two or the life of the survivor, to vote, and to collect and pay over dividends. In an action by beneficiaries representing one-third of the stock to have the trust instruments declared void, the court held that the trust was not against public …