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Full-Text Articles in Estates and Trusts
Testamentary Option To Purchase Realty Can Be Exercised Under Anti-Lapse Statute By Heirs Of Beneficiary--Tuecke V. Tuecke, Michigan Law Review
Testamentary Option To Purchase Realty Can Be Exercised Under Anti-Lapse Statute By Heirs Of Beneficiary--Tuecke V. Tuecke, Michigan Law Review
Michigan Law Review
Testator devised his farm to his son and two daughters. The son, who predeceased his father, was bequeathed an option to purchase the daughters' two-thirds interest in the farm for a specified amount. Over the objection of the daughters, the heirs of the son sought to exercise the option under an anti-lapse statute. The trial court concluded that the son's heirs had inherited the right to purchase. On appeal to the Supreme Court of Iowa, held,affirmed. An option to purchase is a valuable property right inheritable under an anti-lapse statute.
Trusts-Termination-Proof Of Impossibilty Of Issue, Charles F. Niemeth
Trusts-Termination-Proof Of Impossibilty Of Issue, Charles F. Niemeth
Michigan Law Review
The surviving trustee of a testamentary trust petitioned the probate court for authority to terminate and distribute the trust in accordance with a compromise agreement between all interested persons apart from the possible issue of one beneficiary. Undisputed medical testimony was received that neither the beneficiary nor his wife were capable of procreation. On a question of law certified to the New Hampshire Supreme Court, held, remanded with instructions to terminate and distribute the corpus of the trust. Termination of a trust in prejudice of the interests of possible future issue is permissible when the possibility of such issue …
Future Interests-Rule Against Perpetuities--Cy Pres Applied To Modify An Interest Violating The Rules, T. K. Carroll
Future Interests-Rule Against Perpetuities--Cy Pres Applied To Modify An Interest Violating The Rules, T. K. Carroll
Michigan Law Review
Testator's will created a trust for his grandchildren which was to terminate "when my youngest grandchild (whether now living or hereafter born) shall become twenty-five years of age." As it would be possible for the youngest grandchild to become twenty-five beyond the period permitted by the Rule Against Perpetuities, the chancellor held the class gift invalid. The state supreme court reversed, and ruled that since the trust allowed payment of income to the beneficiary as needed, the interests vested upon the death of the testator. On suggestion of error, held, overruled, judgment modified and corrected. The interests may be …
Defeasance As A Restrictive Device In Michigan, William F. Fratcher
Defeasance As A Restrictive Device In Michigan, William F. Fratcher
Michigan Law Review
Quite apart from any question of their validity, the imposition of use restrictions by means of a prohibition was not practicable before the development of equitable remedies because the common law afforded no method of enforcing such a prohibition. One who conveyed land in violation of a prohibition on alienation might attempt to enforce the prohibition by attacking the validity of his own conveyance but one who violated a prohibition on use had neither motive nor method for challenging his own acts. Hence attempts to restrict use by common law devices are necessarily confined to penalty restraints and to limitations …
Restraints On Alienation Of Legal Interests In Michigan Property: Ii, William F. Fratcher
Restraints On Alienation Of Legal Interests In Michigan Property: Ii, William F. Fratcher
Michigan Law Review
"Estate for life" is a generic term embracing interests in land of several types. The duration of such an estate may be measured by the life of the tenant himself, by the life of some other person, by the joint lives of a group of persons (i.e., the life of the member of the group who first dies), or by the life of the survivor of a group of persons. In the last two cases the tenant himself may or may not be a member of the group. When the duration of the estate is measured by the life of …