Open Access. Powered by Scholars. Published by Universities.®
- Publication
- Publication Type
Articles 1 - 7 of 7
Full-Text Articles in Law
Future Interests-Rule Against Perpetuities-Vesting Of Residuary Estate In Trustee For Charity Subject To A Condition Precedent, Edward W. Rothe S.Ed.
Future Interests-Rule Against Perpetuities-Vesting Of Residuary Estate In Trustee For Charity Subject To A Condition Precedent, Edward W. Rothe S.Ed.
Michigan Law Review
The will of testatrix provided: after the payment of debts and legacies, "I give, devise and bequeath" the residue of my estate to a charitable foundation. Held, the provision for payment of debts and legacies refers only to the quantum of estate the trustee will take and not to the time when his title vests in interest; it constitutes no condition precedent to the vesting of title in the trustee for charity. Therefore, the rule against perpetuities, which applies only to remoteness of vesting and not to postponement of possession and enjoyment, has no application. The fact that debts …
Descent And Distribution-Necessity Of Administration Of Decedents' Estates-Effect Of Statutes Which Change The Devolution Of Personal Property, Neal Seegert S.Ed.
Descent And Distribution-Necessity Of Administration Of Decedents' Estates-Effect Of Statutes Which Change The Devolution Of Personal Property, Neal Seegert S.Ed.
Michigan Law Review
It is almost an axiom of the common law that upon the death of a person the title to his personal property vests in his personal representative. On the other hand it is equally axiomatic that title to real property descends directly to the heirs or devisees, subject to the control of the personal representative and the probate court for purposes of satisfying the debts of the decedent in the absence of sufficient personalty. A number of jurisdictions, however, have by statute altered the common-law doctrine and have provided that title to both personalty and realty passes directly to the …
Dispensing With Administration, Paul E. Basye
Dispensing With Administration, Paul E. Basye
Michigan Law Review
With an elaborate system existing in every state for the administration of decedents' estates, it should not be assumed that every estate is or need be subjected to official supervision by a probate court. According to studies made in this connection there is approximately one administration for every four deaths. In some cases there is no estate to be administered. In others it is of such small value that administration is neither required nor justified. Even when a decedent dies possessed of a moderate or large estate, it does not follow that administration is absolutely essential. It is the experience …
Powers - Excluding Creditors Of The Donee Of A General Power By Express Provisions By The Donor, S. W. Boyce, Jr.
Powers - Excluding Creditors Of The Donee Of A General Power By Express Provisions By The Donor, S. W. Boyce, Jr.
Michigan Law Review
There is very little authority upon this subject; lawyers seemingly assume that the picture is complicated enough without venturing into new fields. In only two jurisdictions are there actual reported cases where the donor has tried by specific provisions to restrain creditors of the donee.
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 …
Taxation-Jurisdiction To Tax Intangibles-Business Situs
Taxation-Jurisdiction To Tax Intangibles-Business Situs
Michigan Law Review
Decedent died domiciled in Illinois, owning the majority of stock in a South Carolina corporation, and a chose in action for a large sum owed him by the corporation, partly on open account, and partly for dividends declared but unpaid. The executors objected to the inclusion of the chose in an assessment under the South Carolina inheritance tax law, but the South Carolina court refused relief, basing jurisdiction to tax the transfer of the indebtedness, in part, on the ground that this property had acquired a business situs in South Carolina. On certiorari, this decision was reversed by the United …
An Inroad Upon Fiduciary Integrity, Edson R. Sunderland
An Inroad Upon Fiduciary Integrity, Edson R. Sunderland
Articles
It is a principle universally recognized throughout our system of law, that no person shall be permitted to occupy a position of trust and confidence who at the same time is clearly subject to influences hostile to a faithful performance of his trust. There is a rule as old as Christianity, and it has been incorporated into our law from the earliest times, that "no man shall serve two masters; for either he will hate the one and love the other, or he will hold to the one and despise the other." Fiduciary relations can rest upon no foundation but …