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Full-Text Articles in Law
Taxation - Property Subject To Inheritance Tax - Effect Of Reservation Of Life Income
Taxation - Property Subject To Inheritance Tax - Effect Of Reservation Of Life Income
Michigan Law Review
A father conveyed real estate to his daughter three years before his death by warranty deeds, absolute on their face but with the oral understanding that the father was to have all the income from the property during his lifetime. In a letter which the daughter wrote to her father several years later the terms of this oral agreement are given, but this letter, set forth in the statement of facts, is apparently not relied on by the court since no mention of it is made in the opinion. Held, that the gift was taxable under the inheritance tax …
Trusts - For Employees - Definiteness Of Cestui
Trusts - For Employees - Definiteness Of Cestui
Michigan Law Review
The testator by his last will and testament devised a saw mill owned by him to certain trustees, the will reading, "I suggest that my said trustees sell the mill" for a specified price about half the estimated value of the property to a corporation to be organized by "my employees." There was a further provision reading, "I suggest that all the employees who have been in my employment for five years or longer should hold stock in such corporation, should they so desire in such proportions as my trustees shall presence." After the corporation had been organized, the incorporators …
Vendor -Purchaser-Prospective Inability Of Vendor To Convey
Vendor -Purchaser-Prospective Inability Of Vendor To Convey
Michigan Law Review
In a contract for the sale of sixty-three lots of a subdivision, the defendant agreed to take the purchase money by installments extending over a period of eighteen months, and promised to convey the premises free from encumbrances when twenty-five per cent of the sale price was paid. While the plaintiff was not in default the defendant mortgaged the entire subdivision to one who was not charged with notice, to secure the payment of bonds some of which did not mature for five years. Stipulations m the mortgage allowed the release of any lot on deposit with the mortgagee of …