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Articles 1 - 10 of 10
Full-Text Articles in Estates and Trusts
Parent And Child-Legitimation-Statutory Construction
Parent And Child-Legitimation-Statutory Construction
Michigan Law Review
J W, a resident of Oklahoma, died leaving an estate consisting of property entirely within that state. Plaintiff, an illegitimate child of J W, claimed as heir. Plaintiff was born in Kansas where both her parents were then domiciled. J W while still a resident of Kansas recognized plaintiff as his daughter. Plaintiff claimed that by virtue of this recognition and a Kansas statute allowing illegitimates to inherit from the father whenever he had recognized them as his children, that she had been legitimated in Kansas and was therefore entitled to a share of J W's estate. Held, that …
Probate Law Directory
Michigan Law Review
A Review of PROBATE LAW DIRECTORY By J. C. Fisher.
Wills-Loose Sheets As A Will
Michigan Law Review
Testatrix's will contained twenty-eight sheets of correspondence paper, each complete in itself and not physically bound together. When presented for probate, the last sheet held only an attestation clause and the signatures of testatrix and witnesses; each of the others was, signed by testatrix; and the whole group were consecutively numbered. The attesting witnesses, employed at the bank with which testatrix did business, identified the writing on all twenty-eight sheets as that of testatrix, but could not say that these very sheets were present when the last was executed. They testified there was a bundle of similar sheets, and one …
Reformation-Trusts-Stranger To The Instrument
Reformation-Trusts-Stranger To The Instrument
Michigan Law Review
Defendant was an agent with authority to purchase land for his principal, the plaintiff, and to take options in his own name. Instead, he took contract title in his own name. Plaintiff furnished the entire consideration. In a suit in which the vendor was joined as plaintiff, held, that the land contract be reformed by inserting the name of the plaintiff as purchaser. Goss v. McKinney (Mich. 1930) 229 N.W. 450.
Taxation-Transfer Tax On Death Of Settlor Of Trust Wherin Income Was Reserved
Taxation-Transfer Tax On Death Of Settlor Of Trust Wherin Income Was Reserved
Michigan Law Review
Section 401, Revenue Act of 1918 provided that in order to determine the transfer tax, there should be included in the gross estate "any interest therein of which the decedent has at any time made a transfer, or with respect to which he has at any time created a trust, in contemplation of or intended to take effect in possession or enjoyment at or after his death * * *." The decedent transferred to her husband and others, as trustees, securities in trust to collect the income and pay the balance after discharging expenses to the husband for life, after …
Trusts-Degree Of Duty To Which A Trust Is Bound
Trusts-Degree Of Duty To Which A Trust Is Bound
Michigan Law Review
In an accounting proceeding certain objectors sought to surcharge the Fulton Trust Company of New York, as testamentary trustee, for loss in the trust fund due to the retention of securities taken over from the executors at the time the trust was set up, seven years previous to the accounting. The securities, consisting of stocks in sugar companies, had greatly decreased in value. The trustee was not charged with having acted in bad faith, but with negligence in having retained the securities, although authorized to do so by the will. Held, that much more was expected from a trust …
Trusts-Apportionment Of Extraordinary Dividend From Sale Of Property By Realty Company Between Life Tenant And Remainderman
Michigan Law Review
After death of the testator, leaving his wife shares in a realty company as part of the residue of his estate in trust to receive the rents, profits, and income of the same for her natural life, the company sold the greater portion of its property and declared a cash dividend of 100 per cent. Held, that it belonged to the remainderman and not the life beneficiary. In re Jackson's Will, 239 N. Y. S. 362.
Business Trusts-Limited Liability Of Members
Business Trusts-Limited Liability Of Members
Michigan Law Review
The defendant company, established as a business trust, contracted a debt with the plaintiff who had full knowledge of a stipulation in the declaration of trust under which the defendant was organized limiting the liability of its members. He now attempts to hold the members to a personal and unlimited liability. Held, that although the court will not decide as to the legality of this so-called business trust, yet the plaintiff can not hold the defendant members to a liability as individuals since in dealing with the organization he had full knowledge of the intent of the members to …
Taxation Inheritance-Computation Of Gain On Property Acquired From Estate-Date Of Acquisition
Taxation Inheritance-Computation Of Gain On Property Acquired From Estate-Date Of Acquisition
Michigan Law Review
Plaintiff was residuary legatee under the will of his father who died in 1918. The estate was administered and closed in 1920 and certain stocks and bonds were then delivered to plaintiff. Subsequently he sold the securities and in making his federal income tax return he computed his gain on the basis of 1920 values which were higher than the 1918 values. The Revenue Act of 1921 sec. 202 (a) (3), 213 provides that for the purpose of determining profit or loss from sale of property acquired by bequest, devise or descent since Feb. 28, 1913, the basis "shall he …
Limitation Of Actions-Effect Of Fraudulent Concealment
Limitation Of Actions-Effect Of Fraudulent Concealment
Michigan Law Review
Plaintiff sued in equity for a money judgment on defendant's promissory notes. Defendant had fraudulently represented that her husband's estate was liable on these notes, inducing plaintiff to sue the estate and thus delay for more than six years in starting suit against defendant. Plaintiff had sued defendant at law on the notes, defendant had pleaded the statute of limitations, and plaintiff had discontinued. Held, that plaintiff could recover a money judgment in equity, since the remedy at law was barred by the statute of limitations. Dodds v. McColgan (N. Y. App. Div., 1930) 241 N. Y. S. 584.