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Full-Text Articles in Estates and Trusts
Fiduciary Duties And Exculpatory Clauses: Clash Of The Titans Or Cozy Bedfellows, Louise Lark Hill
Fiduciary Duties And Exculpatory Clauses: Clash Of The Titans Or Cozy Bedfellows, Louise Lark Hill
University of Michigan Journal of Law Reform
Centuries ago, when land represented the majority of wealth, the trust was used primarily for holding and transferring real property. As the dominant form of wealth moved away from family land, the trust evolved into a device for managing financial assets. With this transformation came the use of exculpatory clauses by both amateur and professional trustees, providing an avenue for these fiduciaries to escape liability for designated acts. With the use of exculpatory provisions, discussion abounded about whether fiduciary duties were mandatory or subject to modification. The latter view eventually prevailed, with the majority of jurisdictions viewing fiduciary duties as …
Fiduciary Aministration-Executors And Aministrators-Inventory Not A Condition Precedent To Recovery Of Assets, Carl S. Krueger S.Ed.
Fiduciary Aministration-Executors And Aministrators-Inventory Not A Condition Precedent To Recovery Of Assets, Carl S. Krueger S.Ed.
Michigan Law Review
In a suit by an administrator to recover funds claimed to be part of the decedent's estate, the defendant's answer alleged that the suit had been commenced prior to compliance with a statute requiring an inventory of the assets of the estate. On appeal by the administrator from the trial court's holding that filing an inventory of a claim is a condition precedent to a suit thereon, held, reversed. While an inventory is the basis of subsequent probate proceedings, title to personal assets of the decedent vests in the administrator when he qualifies, and he may sue on claims …
Gifts--Banking--Gift Of Joint Savings Bank Deposits, Ira M. Price, Ii
Gifts--Banking--Gift Of Joint Savings Bank Deposits, Ira M. Price, Ii
Michigan Law Review
A, the mother of B, transferred three savings bank deposits from her sole account to the account of "A or B-either or survivor." Two of the depositors' signature cards contained this language: ''We hereby certify that this account and all moneys to be credited to it belong to us as joint tenants, and will be the absolute property of the survivor of us." There was evidence that one of the reasons for A's transferring her deposits to the joint account was to enable B to draw money therefrom for A while A was in the …
Executors And Administrators-Right Of Creditors Of A Decedent To Recover From Distributees After The Estate Is Closed
Michigan Law Review
A recent California decision suggests a problem of some difficulty in the administration of decedents' estates. In Dabney V. Dabney, it appeared that a decedent had, in his lifetime, contracted to pay the plaintiff $100 and $350 respectively, monthly, as long as plaintiff should live, according to the terms of two contracts. In distributing the estate the court, as provided in the California Probate Code, had set aside a sum of money for the purpose of paying these monthly installments. The estate was then distributed, defendant herein being the principal distributee. On February 17, 1941, there remained only $216 …
Torts - Negligent Misrepresentations - Information Gratuitously Supplied, Michigan Law Review
Torts - Negligent Misrepresentations - Information Gratuitously Supplied, Michigan Law Review
Michigan Law Review
Plaintiffs, who were liquidating trustees of a building and loan association, alleged that the association requested defendant to send it a copy of a certain will, but that defendant, who was trustee under the will, sent the association a copy of another will. Since the testators bore the same name, the association did not realize the error, but relied on the copy and suffered a loss which it would not have suffered if it had known the true state of facts. Plaintiffs sued to recover the loss. Held, plaintiffs have not stated a cause of action, inasmuch as they …
Executors And Administrators - Comparison Of Nonclaim Statutes And The General Statutes Of Limitations, Dan K. Cook
Executors And Administrators - Comparison Of Nonclaim Statutes And The General Statutes Of Limitations, Dan K. Cook
Michigan Law Review
An overwhelming majority of the states possess nonclaim statutes, which, in one form or another, purport to bar all claims against decedent's estates not presented to the decedent's personal representative within a stipulated period. It is the purpose of this comment to compare such statutes with the general statutes of limitations, giving particular regard to those situations where the operation of the two types of statute upon one cause of action may appear to conflict.
Trusts - Tentative Trusts - Right Of Settlor To Set-Off Against Insolvent Bank, Ralph Winkler
Trusts - Tentative Trusts - Right Of Settlor To Set-Off Against Insolvent Bank, Ralph Winkler
Michigan Law Review
Plaintiff brought this bill in equity to compel the receiver of an insolvent bank to set off a deposit against the plaintiff's liability as an indorser on a note, the maker of which was unable to discharge the debt. The account was opened by the plaintiff as "trustee" for his minor son. He had exercised complete control over the account and had made numerous withdrawals for his own purposes. Held, set-off denied. The deposit created a tentative trust; and until revocation the son was the equitable owner thereof. Since the right of set-off is determined by the state of …
Wills - Probate - Deletion Of Libelous Matter, Michigan Law Review
Wills - Probate - Deletion Of Libelous Matter, Michigan Law Review
Michigan Law Review
In propounding the will of the testator for probate, the executor petitioned the surrogate court to exclude from probate certain non-dispositive matter therein, which if published during the testator's lifetime, would have supported an action for libel. Held, that the court had power to exclude the objectionable matter from probate, since it was not properly a part of the will. In re Draske's Will, 290 N. Y. S. 581 (Surr. Ct. 1936).
Trusts - When Is The Beneficiary Of A Trust A Necessary Party In A Proceeding Involving The Trust Estate, Charles William Allen
Trusts - When Is The Beneficiary Of A Trust A Necessary Party In A Proceeding Involving The Trust Estate, Charles William Allen
Michigan Law Review
Two recent cases present the problem of the power of the trustee to represent the beneficiary in proceedings involving the trust estate. In Hood v. Cannon, arising in South Carolina, the trustee of an estate, upon merger of A bank into B bank, had applied to the probate court for permission to exchange A bank stock, held by the estate, for B bank stock. The court authorized the exchange in an ex parte proceeding to which the beneficiaries were not parties. B bank later failed, and the commissioner of banks brought suit against the defendant, the successor trustee, to …
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 …
Wills - Statute Of Nonclaim As Bar To Contingent Claim
Wills - Statute Of Nonclaim As Bar To Contingent Claim
Michigan Law Review
Plaintiff, the receiver of an insolvent state bank, filed a claim against the estate of deceased who had been a stockholder in the bank. The estate had been closed for twelve years when the claim was filed, the bank not having become insolvent until eight years after the decedent's death. The state constitution provided double liability for the stockholders of the bank to its creditors. Defendant urged that the claim was barred by the statute of nonclaim. Held, the claim is not barred, for the constitutional liability was not a "claim or demand, contingent or absolute," against the stockholder's …
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.