Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 2 of 2
Full-Text Articles in Law
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 …
Trust Estates To Accumulate Income
Trust Estates To Accumulate Income
Michigan Law Review
Testator left his realty in trust to apply the net income, after the payment of certain expenses, eighty percent to the use of a charity and certain persons. the other twenty percent 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 the replacement of …