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Articles 1 - 30 of 44
Full-Text Articles in Law
Trusts - "Active" Trusts
Michigan Law Review
A will gave the residue of the testator's realty and personalty to his wife for life, with power to draw on so much of the principal for her support as she and Rubie Tracy should deem necessary. In a later clause, the testator recited his desire that his wife "have assistance in taking care of the property hereinabove bequeathed and devised to her," and appointed Rubie Tracy, testator's wife, and a third person to be trustees for the wife of whatever she received under the will. Held, an active trust. Bunker v. Bunker et al. (Me. 1931) 154 …
Trusts - Statute Of Frauds - Part Performance Of Oral Trusts, Mark H. Harrington
Trusts - Statute Of Frauds - Part Performance Of Oral Trusts, Mark H. Harrington
Michigan Law Review
In some jurisdictions, where some equivalent to the seventh section of the English Statute of Frauds has not been enacted, an oral trust of land is enforceable. In others, it is held that the provisions requiring a writing in the case of conveyances of and contracts concerning interests in land forbid oral trusts of land. It is clear, however, that when the statute of frauds in force contains a provision requiring express trusts to be created or evidenced by writing, an oral agreement between grantor and grantee that the property conveyed should be held in trust can not be enforced …
Wills - Executor's Right To Deduct From A Legacy A Debt Due The Estate But Barred By The Statute Of Limitations
Michigan Law Review
The decedent left his estate, by will, equally to several persons, one of whom had owed to the testator a debt which was now barred by the statute of limitations so that the executor could not collect it by suit. The executor claimed a right to collect this debt by deducting it from the share of the personal property of the estate given the debtor. The court held that the debt, though barred by the statute of limitations, was still in fairness and good conscience due to the estate and that the executor might deduct it from the share given …
The Business Trust As A Means Of Securing Limited Liability
The Business Trust As A Means Of Securing Limited Liability
Michigan Law Review
Small investors are unwilling to risk their entire personal fortunes in one business venture, and for this reason refuse to participate in an enterprise unless they are assured that they will be free from individual liability for the obligations of the business. Such freedom from liability may be obtained by incorporation. That is the method especially provided by law and the one which most businesses adopt, but it has its disadvantages. The organization of a corporation involves heavy expenses in the form of lawyers' fees, filing fees and organization taxes. Once formed the corporation is subject to many. special taxes, …
Taxation-Retrospective Succession Tax On Trust Remainder
Taxation-Retrospective Succession Tax On Trust Remainder
Michigan Law Review
The settlors voluntarily placed property in trust, the income from which was to be paid to them during their lives, the corpus to be divided upon the surviving settlors' death, among their sons, or if any son predeceased the survivor, among those persons entitled to take his intestate property. Subsequently the settlors assigned their life interest to the sons; this conveyance, however, in the case of Coolidge v. Loring, 235 Mass. 220, 126 N.E. 276, was held ineffectual to eliminate the possible effect of the contingency of any son predeceasing the surviving settlor. Between the execution of the deed …
Wills-Interpretation-Divide And Pay Over Rule-Legacies Chargeable On Land
Wills-Interpretation-Divide And Pay Over Rule-Legacies Chargeable On Land
Michigan Law Review
The testator devised his realty to his widow for life with remainder to his son subject to the conditions that within one year after the death of the life tenant the son pay the testator's two daughters (naming them) $2,000 each. One of the daughters predeceased the life tenant, dying intestate and unmarried. The life tenant assigned to the surviving daughter all that she had inherited from the deceased daughter. Held, the assignment did not pass the $2,000 legacy to the deceased daughter. In re Phearman's Estate (Iowa 1930) 232 N.W. 826.
Trusts-Accumulations-Possibility Of Remoteness
Trusts-Accumulations-Possibility Of Remoteness
Michigan Law Review
Testator left his realty in trust to apply the net income, after the payment of certain expenses, eighty per cent to the use of a charity and certain persons, the other twenty per cent to a sinking fund "to restore, replace or make major improvements or additions to the buildings and improvements" of that realty. The income from the accumulated fund was to be paid to the charity; the principal expended at such times as the trustees deemed necessary. It was claimed the provision for this fund constituted an unlawful direction to accumulate income. Held, that income applied to …
Wills-Restoration Or Revival Of A Will Upon The Revocation Of A Subsequent Instrument Revoking The Prior Will
Michigan Law Review
A recent Pennsylvania case, In re Ford's Estate, is an interesting example of a situation which has left the courts in decided conflict. The decedent had properly executed two wills. On his death bed he caused the later will, which contained the usual clause expressly revoking all prior instruments, to be torn. At the time he stated that he wished his son, his only heir at law and next kin, to have all his property. The evidence indicated that the decedent had entirely forgotten the existence of the prior will. The court, relying upon the expression of the decedent's …
Bills And Notes-Negotiability Of Corporate Debentures
Bills And Notes-Negotiability Of Corporate Debentures
Michigan Law Review
Many corporate bonds and debentures contain some such reference provision as the following: "* * * all [bonds, debentures] issued under a certain Trust Agreement, dated as of June 15, 1926, executed by the Company to the National City Bank of New York, as Trustee, to which Trust Agreement reference is hereby made for a statement of the terms under which the said Debentures are issued and the rights and obligations of the Company, of the Trustee and of the respective holders of the said Debentures under said Trust Agreement. * * *." To this clause some of these securities …
Trusts-Liability Of Trust Estate For Torts Of Trustee
Trusts-Liability Of Trust Estate For Torts Of Trustee
Michigan Law Review
Plaintiff, an employee of a laundry of which the legal title was held in trust, was injured by an unguarded machine. The trustee was sued in tort in his representative capacity. There was no evidence as to whether the trustee himself or some agent was directly responsible for the condition of the premises. Held, the judgment of the lower court, directing that the plaintiff be paid out of the assets of the trust estate, was correct. Where the trustee is charged with the duty of carrying on a business the trust estate may be held liable for the negligence …
Trusts-Power Of Equity To Relieve Against The Provisions Of The Trust Instrument
Trusts-Power Of Equity To Relieve Against The Provisions Of The Trust Instrument
Michigan Law Review
Because of the amount of wealth involved and the prominence of the participants, the recent decision of Surrogate Foley in the surrogate's court of New York county in construing the will of the late Joseph Pulitzer has attracted much public attention. The decision is not without its interest to the legal profession. Mr. Pulitzer in his will expressly prohibited the trustees from selling under any circumstances whatever any stock of the Press Publishing Company, publishers of the "New York World" newspapers. Aside from the shares of stock left in trust the remaining shares are owned by the trustees, Mr. Pulitzer's …
Trusts-Stock Dividends-Apportionment Between Life Estate And Corpus
Trusts-Stock Dividends-Apportionment Between Life Estate And Corpus
Michigan Law Review
The will of the testator gave his widow a life estate in all his property. The estate contained, inter alia, shares of the capital stock of a corporation. After several years the corporation was dissolved, and a "dissolution dividend" was declared which distributed to each stockholder a pro rata share of the proceeds of the sale of all the assets of the corporation. The question in the case was whether any, and if so, how much, of this dividend was to go to the life tenant. It was shown that the earnings of the corporation had been paid out regularly …
Wills-Future Estates-Descendibility Of Contingent Remainders
Wills-Future Estates-Descendibility Of Contingent Remainders
Michigan Law Review
A testator left property in trust for his wife and son, or the survivor of them, for life. There followed a remainder over the lineal heirs of the son, but should the son die without issue the property was to be divided among specifically named devisees. The son died unmarried and without issue. Representatives of three deceased remaindermen who had predeceased the son claimed shares in the estate. Held, that the shares of the contingent remaindermen had lapsed. In re Coots's Estate (Mich. 1931) 234 N.W. 141.
Gifts-Necessity Of Acceptance
Michigan Law Review
The deceased was president of a water company and held stock in it. After his death the widow claimed part of this stock as a gift from her husband. A written assignment of the stock claimed, signed by the deceased, was introduced in the evidence to substantiate her claim. There was also evidence that the deceased had informed others that he had transferred most of his stock to his wife. But there was no proof that the wife knew of the transfer until after the death of her husband. Held, that an unconditional acceptance on the part of the …
Trusts-Right Of Trustee To Purchase Trust Property
Trusts-Right Of Trustee To Purchase Trust Property
Michigan Law Review
The trustees under a will filed a petition in the district court asking for an order of court authorizing them to sell and convey to two of the trustees a portion of the real estate held by them in trust, and for authority to sell and convey the remainder of the real estate to the husband of one of the trustees. Three of the beneficiaries were not sui juris, and the remaining beneficiaries refused to give their consent. Held, that a trustee can not purchase trust property from himself when the beneficiary is not sui juris or when …
Perpetuities-Exercise Of General Testamentary Power Of Appointment Creating Perpetuity-Effect On Prior Gift Of Failure Of Gift Over
Michigan Law Review
A, by a will which created a trust of realty and personalty, gave B a life interest with a general power to appoint by will. B exercised this power in her will, appointing to her children for life with other remainders to B's grandchildren. Held, remainder to the grandchildren is void for remoteness, since the period allowed by the rule against perpetuities is calculated as though B's appointment were incorporated in A's will. Interests of B's children are uneffected by the failure of the gift to the grandchildren. Equitable Trust Co. v. Snader (Del. Ch. 1930) 151 Atl. 712.
Wills-Interlineation-Incorporation By Reference
Wills-Interlineation-Incorporation By Reference
Michigan Law Review
A will was completely executed on one side of the page. In the margin, but above the testator's signature, were written the words, "See other side for completion." On the reverse side were the words, "Continuation from the other side," followed by a dispositive clauses. There was no signature on the second page, but it was proved that these clauses were written before the testator signed on the first page. Under 15 Viet; c. 24, sec.1 no signature shall be operative to give effect to any disposition which is. underneath or which follows it. Held, that the writing on …
Trusts--Exercise Of A Power With Consent Of Trustee-Retroactive Federal Inheritance Tax
Trusts--Exercise Of A Power With Consent Of Trustee-Retroactive Federal Inheritance Tax
Michigan Law Review
A trust, established in 1908, reserved a power to the settlor to alter or amend the provisions of the trust, conditioned on the assent of the trustee. 26 U. S. C. A. sec. 1094 (d), Rev. Act (1926) sec. 302 (d), which applied to trusts subject at the date of death to any change through the exercise of a power either by the decedent alone or in conjunction with any person, to alter, amend or revoke, was made retroactive by clause (h) of the same section. Held, since the transfer was complete before the death of the settler, section …
Estates-Tenancy By Entireties--Ability Of Judgment Creditor To Reach Tenant's Interest
Estates-Tenancy By Entireties--Ability Of Judgment Creditor To Reach Tenant's Interest
Michigan Law Review
Shortly after the plaintiff's judgment had been docketted and a fruitless attempt made to have it satisfied, the defendant and his wife became devisees of some land, holding it as tenants by entireties. Knowing his wife to be in poor health and fearing he might survive her, the defendant persuaded her to join in a conveyance to their granddaughter for only a nominal consideration. Both women were unaware of the defendant's real motive, but the defendant himself understood the effect of what he was doing and was anxious to place the land beyond the plaintiff's reach. Held, that the …
Trusts-Resulting-Conveyance To Voluntary Grantee To Defraud Creditors
Trusts-Resulting-Conveyance To Voluntary Grantee To Defraud Creditors
Michigan Law Review
The plaintiff and the defendant, husband and wife, were tenants by the entireties in certain real estate. Fearing an action by a supposed creditor against the husband, they conveyed without consideration to a third person who subsequently conveyed to the wife. This was done on the advice of counsel. There was an oral understanding between the plaintiff and the defendant at the time of this conveyance that the husband's interest should be reconveyed in the same roundabout manner after any danger of suit had passed. Due to wise investments on the part of the wife this property became very valuable. …
Wills-Gifts To Named Beneficiaries And To A Class-Per Stirpes Or Per Capita
Wills-Gifts To Named Beneficiaries And To A Class-Per Stirpes Or Per Capita
Michigan Law Review
Action by an executor for the construction of a will in which the testator had given a gift to certain of his children, naming them, and to two sets of grandchildren one of which was the offspring of a child, deceased at the time of the execution of the will. The gift provided that they were to participate "share and share alike." In two subsequent clauses of the will the testator provided for trustees to take care of the "portion" left to the grandchildren. The court held, that a sufficient intent was shown so as to justify a distribution …
Future Interests - Life Interest With Added Power To Dispose Of Fee As Fee Sample
Future Interests - Life Interest With Added Power To Dispose Of Fee As Fee Sample
Michigan Law Review
Given a devise of a life estate plus an absolute power to dispose of the fee, but with a remainder over, on the death of the life tenant, of what then remains undisposed of, does the first taker have a fee or merely a life estate coupled with a power of disposal? In the past, Michigan has been numbered with a small minority of states giving the first taker a fee in this situation, but in the recent case of Quarton v. Barton a contrary result was reached.
Review: Saving Taxes In Drafting Wills And Trusts, E. B. Stason
Review: Saving Taxes In Drafting Wills And Trusts, E. B. Stason
Michigan Law Review
A Review of: SAVING TAXES IN DRAFTING WILLS AND TRUSTS By Joseph J. Robinson.
Succession By Murderer-Applicability Of Constructive Trust
Succession By Murderer-Applicability Of Constructive Trust
Michigan Law Review
There do not seem to have been any decided cases in the early common law on the question whether a murderer could succeed to the title to property left by his victim, or derive any benefit from his crime. By the civil law the legal title passed to the criminal, and was afterwards confiscated by the state. What may be said to be the modem rule is not so definitely determined, The numerical majority of cases, beginning with the first case to be decided on the exact question in 1888, have held that he could not succeed. But the decisions …
The Rule In Lemayne V. Stanley, Philip Mechem
The Rule In Lemayne V. Stanley, Philip Mechem
Michigan Law Review
In the leading case of Lemayne v. Stanley the testator's will, written by his own hand, began: "In the name of God, Amen, I John Stanley make this my last will and testament * * *" and was otherwise unsigned. The court of common pleas held the will duly signed, "for being written by himself, and his name in the will, it is a sufficient signing within the statute which does not appoint where the will shall be signed, in the top, bottom or margin, and therefore a signing in any part is sufficient."
Failed Banks, Collection Items, And Trust Preferences, George Gleason Bogert
Failed Banks, Collection Items, And Trust Preferences, George Gleason Bogert
Michigan Law Review
About 1,200 banks failed in the United States during the year 1930, and failures for the years 1921-1929 averaged over 600 a year. Each of these bank failures doubtless involved several problems regarding collection items. In each case it was almost inevitable that there should be found among the assets in the hands of the defunct bank several items held for collection but not yet collected, and also that a number of items should have been collected but no effective remittance made on account of such collection. There thus arose a series of controversies between the banks or individuals which …
Trusts - Cancellation - Beneficiaries As Necessary Parties
Trusts - Cancellation - Beneficiaries As Necessary Parties
Michigan Law Review
The plaintiff deeded property to the defendants in trust, for herself for life and on her death to certain named persons. Plaintiff sued the defendants alone for revocation on the ground of fraud and duress. Held, the issue of fraud could not be tried in the absence of the living cestuis. McKnight v. Bank of N. Y. & Trust Co., 254 N. Y. 417, 173 N.E. 568.
Trusts-Gift Direct To Unincorporated Society-Charities
Trusts-Gift Direct To Unincorporated Society-Charities
Michigan Law Review
In a suit by the personal representative of testator to determine who, if anyone, took under a gift in the will of testator's entire property to the Roman Catholic Church, for the use thereof, the court held that it was a good charitable gift to the "institution which ministers religion and gives spiritual · edification to members of the Roman Catholic Church, for those purposes." In re Schoales, [1930] 2 Ch. 75.
Wills-Legacy On Condition Precedent Impossible Due To Operation Of Law
Wills-Legacy On Condition Precedent Impossible Due To Operation Of Law
Michigan Law Review
Action was brought to determine the rights of a legatee under a will executed in 1928 creating a trust fund for the legatee, son, upon the condition that he pursue successfully a suit instituted by the testator in Chancery in 1922 to establish his claim as a tenant in fee tail to a certain piece of property. The Law of Property Act, passed in 1925, precluded. the right to such suit, thus rendering the condition impossible prior to its creation. Held, where a testator makes a gift of personalty subject to a condition precedent, the fulfillment of which is …
Perpetuities-Payment Of Corpus When Youngest Grandchild Reaches 25-Vested Or Contingent
Perpetuities-Payment Of Corpus When Youngest Grandchild Reaches 25-Vested Or Contingent
Michigan Law Review
T devised all real and personal property to wife and daughter with right to use income for life; portion remaining on their death in trust until youngest grandchild should reach 25, when any than living should receive the corpus; in default of such residue, to pass to others named. There was one grandchild living at T's death. Held, no violation of the rule against perpetuities, for grandchildren would take vested remainders. Endsley v. Hagey (Pa. 1930) 151 Atl. 799.