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Articles 751 - 780 of 967
Full-Text Articles in Estates and Trusts
Powers-Wills-Exercise By Will Of Special Power Subsequently Conferred
Powers-Wills-Exercise By Will Of Special Power Subsequently Conferred
Michigan Law Review
T by will not only exercised a power already given her in favor of her husband but also any powers of appointment which she might derive from her father's will or otherwise. T's father subsequently executed a settlement allowing T to appoint to her husband "if she shall by deed or will appoint." T died without making a new will. Held, there was no valid exercise of the power, for the donor contemplated an act future to the settlement, as is shown by the words "if she shall." In re Bower, [1930] 2 Ch. 82.
Jurisdiction For The Purpose Of Imposing Inheritance Taxes, David R. Mason
Jurisdiction For The Purpose Of Imposing Inheritance Taxes, David R. Mason
Michigan Law Review
For nearly half a century so-called inheritance tax laws of the states of the United States have been predicated upon two distinct theories of jurisdiction, many states embodying both theories into their statutes. Recent decisions rendered by the Supreme Court of the United States, however, challenge the constitutionality of such a scheme and indicate the expediency of a review of the extent of state jurisdiction for the purpose of imposing such taxes.
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 …
Trusts-Effect Of Exculpatory Clauses In Trust Indentures
Trusts-Effect Of Exculpatory Clauses In Trust Indentures
Michigan Law Review
The trust mechanism is today the common method of issuing corporate bonds. If the bonds are mortgage bonds, the corporation pursuant to a trust agreement, executes or assigns the mortgage to a trustee, usually a bank or trust company which holds the mortgage for the benefit of all the bondholders. In other situations collateral security is placed in the hands of the trustee. In both cases, the trustee certifies the corporation's bonds as having been issued under the terms of the trust indenture.
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 …
Trusts-Perpetuities-Trust To Maintain Testator's Grave
Trusts-Perpetuities-Trust To Maintain Testator's Grave
Michigan Law Review
The testator bequeathed $500 in trust, to be used until exhausted in purchasing flowers for his grave three times a year. Held, the trust was non-charitable and invalid as contrary to the rule against perpetuities. Meehan v. Hurley (R. I. 1930) 150 Atl. 819.
Wills-Construction-Right Of Adopted Child To Take Under Provision For Children Of Adoptive Parext
Wills-Construction-Right Of Adopted Child To Take Under Provision For Children Of Adoptive Parext
Michigan Law Review
The trustee under the will sued for a construction of a clause providing for a gift to testator's children. The dispute was between the natural children of the testator and an adopted daughter, who claimed under the clause as one of the "children," though a prior clause gave her $1, naming her as testator's adopted daughter. The Rhode Island statute provided that adopted children be deemed for inheritance purposes the same as if natural children. The court held that the adopted daughter did not take with the natural children under the clause in question. Union Trust Co. v. Campi (R. …
Wills-Devise-When Cut Down By Later Clause
Wills-Devise-When Cut Down By Later Clause
Michigan Law Review
Both parties to this ejectment suit relied for title on testatrix's will. By one clause, in general words it gave away all of her property real and personal; by a subsequent clause, all the estate unused or not required for the support of the first taker was given over. Held, that the first taker got only a life estate with power to consume, for the intent of testator is predominant over a statute creating a fee from a general gift. Chesnut v. Chesnut (Pa. 1930) 151 Atl. 339.
Wills-Joint And Mutual-Disposal By Survivor
Wills-Joint And Mutual-Disposal By Survivor
Michigan Law Review
H and W made a joint and mutual will, devising to the survivor a life interest in the joint property with certain absolute remainders over, and containing an agreement not to revoke without mutual consent. W died; her will was proved and H took the income for his life. When he died, a subsequent will was proved with provisions inconsistent with the joint will. Some of the legatees having died after W but before H, the question of distribution was before the court. Held, since H was bound by his agreement not to revoke, he held the property on …
Contracts-Right Of A Third Party Beneficiary
Contracts-Right Of A Third Party Beneficiary
Michigan Law Review
Husband and wife agreed with each other to make mutual wills which would leave one-third of the estate of the survivor in equal portions to seven relatives, four of whom were the mother and three sisters of the husband and the remaining three, a niece and two sisters of the wife. After the husband's death the wife made another will, revoking the former one and providing for a different distribution of her property. After her death the mother and three sisters of the deceased husband filed a bill for the specific performance of the contract to make mutual wills. Held …
Parent And Child-Legitimation-Statutory Construction
Parent And Child-Legitimation-Statutory Construction
Michigan Law Review
J W, a resident of Oklahoma, died leaving an estate consisting of property entirely within that state. Plaintiff, an illegitimate child of J W, claimed as heir. Plaintiff was born in Kansas where both her parents were then domiciled. J W while still a resident of Kansas recognized plaintiff as his daughter. Plaintiff claimed that by virtue of this recognition and a Kansas statute allowing illegitimates to inherit from the father whenever he had recognized them as his children, that she had been legitimated in Kansas and was therefore entitled to a share of J W's estate. Held, that …
Wills-Loose Sheets As A Will
Michigan Law Review
Testatrix's will contained twenty-eight sheets of correspondence paper, each complete in itself and not physically bound together. When presented for probate, the last sheet held only an attestation clause and the signatures of testatrix and witnesses; each of the others was, signed by testatrix; and the whole group were consecutively numbered. The attesting witnesses, employed at the bank with which testatrix did business, identified the writing on all twenty-eight sheets as that of testatrix, but could not say that these very sheets were present when the last was executed. They testified there was a bundle of similar sheets, and one …
Probate Law Directory
Michigan Law Review
A Review of PROBATE LAW DIRECTORY By J. C. Fisher.
Business Trusts-Limited Liability Of Members
Business Trusts-Limited Liability Of Members
Michigan Law Review
The defendant company, established as a business trust, contracted a debt with the plaintiff who had full knowledge of a stipulation in the declaration of trust under which the defendant was organized limiting the liability of its members. He now attempts to hold the members to a personal and unlimited liability. Held, that although the court will not decide as to the legality of this so-called business trust, yet the plaintiff can not hold the defendant members to a liability as individuals since in dealing with the organization he had full knowledge of the intent of the members to …
Limitation Of Actions-Effect Of Fraudulent Concealment
Limitation Of Actions-Effect Of Fraudulent Concealment
Michigan Law Review
Plaintiff sued in equity for a money judgment on defendant's promissory notes. Defendant had fraudulently represented that her husband's estate was liable on these notes, inducing plaintiff to sue the estate and thus delay for more than six years in starting suit against defendant. Plaintiff had sued defendant at law on the notes, defendant had pleaded the statute of limitations, and plaintiff had discontinued. Held, that plaintiff could recover a money judgment in equity, since the remedy at law was barred by the statute of limitations. Dodds v. McColgan (N. Y. App. Div., 1930) 241 N. Y. S. 584.
Taxation Inheritance-Computation Of Gain On Property Acquired From Estate-Date Of Acquisition
Taxation Inheritance-Computation Of Gain On Property Acquired From Estate-Date Of Acquisition
Michigan Law Review
Plaintiff was residuary legatee under the will of his father who died in 1918. The estate was administered and closed in 1920 and certain stocks and bonds were then delivered to plaintiff. Subsequently he sold the securities and in making his federal income tax return he computed his gain on the basis of 1920 values which were higher than the 1918 values. The Revenue Act of 1921 sec. 202 (a) (3), 213 provides that for the purpose of determining profit or loss from sale of property acquired by bequest, devise or descent since Feb. 28, 1913, the basis "shall he …
Taxation-Transfer Tax On Death Of Settlor Of Trust Wherin Income Was Reserved
Taxation-Transfer Tax On Death Of Settlor Of Trust Wherin Income Was Reserved
Michigan Law Review
Section 401, Revenue Act of 1918 provided that in order to determine the transfer tax, there should be included in the gross estate "any interest therein of which the decedent has at any time made a transfer, or with respect to which he has at any time created a trust, in contemplation of or intended to take effect in possession or enjoyment at or after his death * * *." The decedent transferred to her husband and others, as trustees, securities in trust to collect the income and pay the balance after discharging expenses to the husband for life, after …
Trusts-Apportionment Of Extraordinary Dividend From Sale Of Property By Realty Company Between Life Tenant And Remainderman
Michigan Law Review
After death of the testator, leaving his wife shares in a realty company as part of the residue of his estate in trust to receive the rents, profits, and income of the same for her natural life, the company sold the greater portion of its property and declared a cash dividend of 100 per cent. Held, that it belonged to the remainderman and not the life beneficiary. In re Jackson's Will, 239 N. Y. S. 362.
Trusts-Degree Of Duty To Which A Trust Is Bound
Trusts-Degree Of Duty To Which A Trust Is Bound
Michigan Law Review
In an accounting proceeding certain objectors sought to surcharge the Fulton Trust Company of New York, as testamentary trustee, for loss in the trust fund due to the retention of securities taken over from the executors at the time the trust was set up, seven years previous to the accounting. The securities, consisting of stocks in sugar companies, had greatly decreased in value. The trustee was not charged with having acted in bad faith, but with negligence in having retained the securities, although authorized to do so by the will. Held, that much more was expected from a trust …
Reformation-Trusts-Stranger To The Instrument
Reformation-Trusts-Stranger To The Instrument
Michigan Law Review
Defendant was an agent with authority to purchase land for his principal, the plaintiff, and to take options in his own name. Instead, he took contract title in his own name. Plaintiff furnished the entire consideration. In a suit in which the vendor was joined as plaintiff, held, that the land contract be reformed by inserting the name of the plaintiff as purchaser. Goss v. McKinney (Mich. 1930) 229 N.W. 450.
Massachusetts Trusts And Succession Taxes, Maxwell E. Fead, Milton D. Green
Massachusetts Trusts And Succession Taxes, Maxwell E. Fead, Milton D. Green
Michigan Law Review
Ordinarily, one thinks of trust estates as connected with testamentary dispositions of property, marriage settlements, spendthrift trusts, or other similar "pure" trusts. However, in comparatively recent years, trust estates have assumed a place in active business life, occupying the same general fields of activity as the corporation. Business men early found that the advantages of corporate existence were offset, to a greater or less degree, by corresponding disadvantages, such as compliance with regulations laid down by the state, inflexibility of charter provisions, and particularly increased burdens of taxation. The corporate organization lays itself open to the touch of the state …
Recent Important Decisions
Michigan Law Review
A collection of recent important court decisions.
Descent And Distribution-Status And Inheritance Rights Of Adopted Child
Descent And Distribution-Status And Inheritance Rights Of Adopted Child
Michigan Law Review
The adoption of the children of another person is said to have been unknown to the common law. In re Johnson, 98 Cal. 531; Morrison v. Sessions, 70 Mich. 297, 14 Am. St. Rep. 500. However, the status of adopted children is one of very ancient origin, existing in Biblical times, Romans 8:15; 9:4:, and was developed to a high degree by the Greeks and Romans. Provisions for child adoption were incorporated in the Code of Justinian, SANDERS, JUSTINIAN; Am. ed. 103 et seq., and took their place in the jurisprudence of all countries in which the civil …
Wills-Trusts-Unprobated Will Opposed To A Forged Will Fraudulently Probated
Wills-Trusts-Unprobated Will Opposed To A Forged Will Fraudulently Probated
Michigan Law Review
We have now grown accustomed to certain principles which, at the time that they were enunciated, must have been thought anomalous. The comparatively recent case of Winder v Scholey, his oral promise to hold for another, might be declared a trustee ex maleficio, although he was guilty of no actual fraud when he made the promise. A fortiori, it would seem that actual fraud on the part of the devisee should lead to the same result, and such has been the fact for many years. In the case of deeds, however, actual fraud and a subsequent breach …
Recent Important Decisions
Michigan Law Review
A collection of recent important court decisions.
Life Tenant And Remainderman-Income From Corporate Shares In Trust-Extraordinary Cash Or Stock Dividends
Michigan Law Review
A testator devises a block of corporate shares in trust,--the income to go to a life tenant for life, remainder to another as remainderman. So long as dividends are paid regularly, and in cash, distribution is a simple matter for the trustee. Dividends declared after the testator's death and before the death of the life tenant, are income and go to the life tenant; the rule operates regardless of when the profits which justify the declared dividends were earned. A real problem arises, however, when the corporation allows a surplus to accumulate for some time and then declares an extraordinary …
The Influence Of Control In The Determination Of Partnership Liability, Scott Rowley
The Influence Of Control In The Determination Of Partnership Liability, Scott Rowley
Michigan Law Review
The influence of control in the determination of partnership liability raises many interesting questions. Particularly within the past decade or slightly more it has been considered by the courts, at times with considerable vigor and with little logic or historical background. A perusal of the texts on partnership discloses very little mention of control as a test of partnership. As a rule it has not earned a place in the indices. The digests are almost equally devoid of place for it. In the few older cases where it is considered at all, it is quite often treated as a poor …
When Revocable Trusts Are Subject To An Inheritance Tax, Edward M. Stimson
When Revocable Trusts Are Subject To An Inheritance Tax, Edward M. Stimson
Michigan Law Review
A settlor transferred property to trustees upon trust to pay the income to himself during life and after his death to his children and, ultimately, to divide the principal. The settlor reserved a power to revoke the trust and also to change its terms. Subsequently a law was passed taxing successions, i.e., all transfers by will or inter vivos, "made or intended to take effect in possession or enjoyment after the death of the grantor or donor."