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Full-Text Articles in Estates and Trusts
Trusts - Foreclosure Of Mortgage Held By Trustee - Disposition Of Proceeds Of Sale, Gerald M. Stevens
Trusts - Foreclosure Of Mortgage Held By Trustee - Disposition Of Proceeds Of Sale, Gerald M. Stevens
Michigan Law Review
Trustees foreclosed mortgages in which they had invested trust funds and which were in default. Sale of the land brought less than the principal and interest of the mortgages. Beneficiaries of the trust sued for an accounting to determine the respective rights of life tenant and remaindermen to the proceeds of the sale. Held, the net proceeds were to be apportioned between life tenant and remaindermen. To be treated as principal was a sum which, if invested at the rate of interest current for trust investments, would have produced during the period from default till final sale an income …
Future Interests -Validity Of A Power Of Appointment Under The Rule Against Perpetuities, Peter S. Boter
Future Interests -Validity Of A Power Of Appointment Under The Rule Against Perpetuities, Peter S. Boter
Michigan Law Review
Testator devised the income from his residuary estate to his two daughters for life, directing the trustee, on each daughter's death, to divide her share of the trust fund among the daughter's surviving children, and to hold the shares of the granddaughters for their lives and the shares of the grandsons until they severally reached the age of thirty years. The will then provided, "And in case of the death of any one of my grandsons before attaining the age of thirty years and in case of the death of my granddaughters, I direct that my Trustee shall distribute the …
Trusts-Breach By Trustee--Liability Of Trustee Taking Title To Note And Mortgage In Individual Name, Milton M. Howard
Trusts-Breach By Trustee--Liability Of Trustee Taking Title To Note And Mortgage In Individual Name, Milton M. Howard
Michigan Law Review
A corporate trustee, authorized to invest trust funds in mortgage loans, made such an investment, taking title to the mortgage and note securing the same in its individual name. The beneficiary sought to surcharge the trustee for the full amount of the funds so invested, the property having declined in value due to a world-wide depression. The trustee defended on the ground that the trust had been declared in a separate instrument recorded in its files, that such was an established practice, that it acted on expert advice, in good faith and for the best interests of the beneficiary. Held …