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Articles 1 - 30 of 61
Full-Text Articles in Law
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 …
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 …
Recent Legislation Concerning Decedents' Estates, C. V. Mcadams
Recent Legislation Concerning Decedents' Estates, C. V. Mcadams
Indiana Law Journal
No abstract provided.
Real Property-Future Interests-Rights Of Unborn Child
Real Property-Future Interests-Rights Of Unborn Child
Indiana Law Journal
No abstract provided.
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 …
Can An Estate Tail Be Docked During Life Of First Taker?, Ben Ely Jr.
Can An Estate Tail Be Docked During Life Of First Taker?, Ben Ely Jr.
University of Missouri Bulletin Law Series
It frequently happens that, where land has been granted to one and the heirs of his body, thus creating an estate tail which the Missouri statute turns into a life estate in the first taker with remainder to those persons who would next have taken the estate tail "according to the course of the common law", it is desired to convey the entire fee during the life of the first tenant. Thus where entailed lands are desired for the erection of some public work, or in the consummation of some other enterprise of general importance, it is necessary that the …
Trusts--Use Of The Trust Device To Escape Federal Estate Taxes, Donald M. Hutton
Trusts--Use Of The Trust Device To Escape Federal Estate Taxes, Donald M. Hutton
West Virginia Law Review
No abstract provided.
Cases On Trusts, Jeff B. Fordham
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 …
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, …
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 …
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 …
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.
Estates--Effect Of Power In Life Tenant To Make Absolute Disposition Of Property--Governing Statute, James W. Simonton
Estates--Effect Of Power In Life Tenant To Make Absolute Disposition Of Property--Governing Statute, James W. Simonton
West Virginia Law Review
No abstract provided.
Constructive Trusts And Contracts To Convey In West Virginia, John Hampton Hoge
Constructive Trusts And Contracts To Convey In West Virginia, John Hampton Hoge
West Virginia Law Review
No abstract provided.
Executors And Administrators--Right Of Consolidated Bank To Qualify As Executor, Bernard Sclove
Executors And Administrators--Right Of Consolidated Bank To Qualify As Executor, Bernard Sclove
West Virginia Law Review
No abstract provided.
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 …
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 …
Some Problems Involved In Conditional Deliveries Of Deeds, Glenn A. Mccleary
Some Problems Involved In Conditional Deliveries Of Deeds, Glenn A. Mccleary
University of Missouri Bulletin Law Series
While early law drew the line of finality of the legal act for deeds at the stage known technically as "delivery", modern jurisprudence has progressed from such strict formalism to a "liberal and flexible practicality" in which internal standard compete with the external, and the subjective with the objective. Whether an instrument has been delivered is in modern law a question of intention. It is generally agreed today that delivery does not necessarily involve a manual transfer of the deed, provided the grantor indicates an intention otherwise that the deed shall take effect, though perhaps the manual act, or the …
Does Washington Law Require Testator To Sign His Will In Presence Of Attesting Witness?, Ivan W. Goodner
Does Washington Law Require Testator To Sign His Will In Presence Of Attesting Witness?, Ivan W. Goodner
Washington Law Review
It will be observed that while the statute does not, in terms, require testator to sign in the presence of the attesting witness, it does not mention acknowledgment as a mode of execution. What does "attestation" mean? Webster says that "the subscription of a name to a writing as a witness" is an attestation.
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 …
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.
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-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 …
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.
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-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 …
Taxation--Trusts--Interest Of One Entitled To Receive Income For Life From Trust Fund, John Hampton Hoge
Taxation--Trusts--Interest Of One Entitled To Receive Income For Life From Trust Fund, John Hampton Hoge
West Virginia Law Review
No abstract provided.
Wills-Latent Ambiguity-Intention Of Testator
Wills-Latent Ambiguity-Intention Of Testator
Indiana Law Journal
No abstract provided.
Banks And Banking--Set-Off Of Deposit Of Insolvent Estate Against Bank's Distributive Share Of The Estate, Melville Stewart
Banks And Banking--Set-Off Of Deposit Of Insolvent Estate Against Bank's Distributive Share Of The Estate, Melville Stewart
West Virginia Law Review
No abstract provided.