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Articles 631 - 660 of 841
Full-Text Articles in Estates and Trusts
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 …
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 …
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 …
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.
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 …
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 …
The Rule In Lemayne V. Stanley, Philip Mechem
The Rule In Lemayne V. Stanley, Philip Mechem
Michigan Law Review
In the leading case of Lemayne v. Stanley the testator's will, written by his own hand, began: "In the name of God, Amen, I John Stanley make this my last will and testament * * *" and was otherwise unsigned. The court of common pleas held the will duly signed, "for being written by himself, and his name in the will, it is a sufficient signing within the statute which does not appoint where the will shall be signed, in the top, bottom or margin, and therefore a signing in any part is sufficient."
Review: Saving Taxes In Drafting Wills And Trusts, E. B. Stason
Review: Saving Taxes In Drafting Wills And Trusts, E. B. Stason
Michigan Law Review
A Review of: SAVING TAXES IN DRAFTING WILLS AND TRUSTS By Joseph J. Robinson.
Wills-Gifts To Named Beneficiaries And To A Class-Per Stirpes Or Per Capita
Wills-Gifts To Named Beneficiaries And To A Class-Per Stirpes Or Per Capita
Michigan Law Review
Action by an executor for the construction of a will in which the testator had given a gift to certain of his children, naming them, and to two sets of grandchildren one of which was the offspring of a child, deceased at the time of the execution of the will. The gift provided that they were to participate "share and share alike." In two subsequent clauses of the will the testator provided for trustees to take care of the "portion" left to the grandchildren. The court held, that a sufficient intent was shown so as to justify a distribution …
Succession By Murderer-Applicability Of Constructive Trust
Succession By Murderer-Applicability Of Constructive Trust
Michigan Law Review
There do not seem to have been any decided cases in the early common law on the question whether a murderer could succeed to the title to property left by his victim, or derive any benefit from his crime. By the civil law the legal title passed to the criminal, and was afterwards confiscated by the state. What may be said to be the modem rule is not so definitely determined, The numerical majority of cases, beginning with the first case to be decided on the exact question in 1888, have held that he could not succeed. But the decisions …
Future Interests - Life Interest With Added Power To Dispose Of Fee As Fee Sample
Future Interests - Life Interest With Added Power To Dispose Of Fee As Fee Sample
Michigan Law Review
Given a devise of a life estate plus an absolute power to dispose of the fee, but with a remainder over, on the death of the life tenant, of what then remains undisposed of, does the first taker have a fee or merely a life estate coupled with a power of disposal? In the past, Michigan has been numbered with a small minority of states giving the first taker a fee in this situation, but in the recent case of Quarton v. Barton a contrary result was reached.
Estates-Tenancy By Entireties--Ability Of Judgment Creditor To Reach Tenant's Interest
Estates-Tenancy By Entireties--Ability Of Judgment Creditor To Reach Tenant's Interest
Michigan Law Review
Shortly after the plaintiff's judgment had been docketted and a fruitless attempt made to have it satisfied, the defendant and his wife became devisees of some land, holding it as tenants by entireties. Knowing his wife to be in poor health and fearing he might survive her, the defendant persuaded her to join in a conveyance to their granddaughter for only a nominal consideration. Both women were unaware of the defendant's real motive, but the defendant himself understood the effect of what he was doing and was anxious to place the land beyond the plaintiff's reach. Held, that the …
Trusts--Exercise Of A Power With Consent Of Trustee-Retroactive Federal Inheritance Tax
Trusts--Exercise Of A Power With Consent Of Trustee-Retroactive Federal Inheritance Tax
Michigan Law Review
A trust, established in 1908, reserved a power to the settlor to alter or amend the provisions of the trust, conditioned on the assent of the trustee. 26 U. S. C. A. sec. 1094 (d), Rev. Act (1926) sec. 302 (d), which applied to trusts subject at the date of death to any change through the exercise of a power either by the decedent alone or in conjunction with any person, to alter, amend or revoke, was made retroactive by clause (h) of the same section. Held, since the transfer was complete before the death of the settler, section …
Trusts-Resulting-Conveyance To Voluntary Grantee To Defraud Creditors
Trusts-Resulting-Conveyance To Voluntary Grantee To Defraud Creditors
Michigan Law Review
The plaintiff and the defendant, husband and wife, were tenants by the entireties in certain real estate. Fearing an action by a supposed creditor against the husband, they conveyed without consideration to a third person who subsequently conveyed to the wife. This was done on the advice of counsel. There was an oral understanding between the plaintiff and the defendant at the time of this conveyance that the husband's interest should be reconveyed in the same roundabout manner after any danger of suit had passed. Due to wise investments on the part of the wife this property became very valuable. …
Failed Banks, Collection Items, And Trust Preferences, George Gleason Bogert
Failed Banks, Collection Items, And Trust Preferences, George Gleason Bogert
Michigan Law Review
About 1,200 banks failed in the United States during the year 1930, and failures for the years 1921-1929 averaged over 600 a year. Each of these bank failures doubtless involved several problems regarding collection items. In each case it was almost inevitable that there should be found among the assets in the hands of the defunct bank several items held for collection but not yet collected, and also that a number of items should have been collected but no effective remittance made on account of such collection. There thus arose a series of controversies between the banks or individuals which …
Trusts - Cancellation - Beneficiaries As Necessary Parties
Trusts - Cancellation - Beneficiaries As Necessary Parties
Michigan Law Review
The plaintiff deeded property to the defendants in trust, for herself for life and on her death to certain named persons. Plaintiff sued the defendants alone for revocation on the ground of fraud and duress. Held, the issue of fraud could not be tried in the absence of the living cestuis. McKnight v. Bank of N. Y. & Trust Co., 254 N. Y. 417, 173 N.E. 568.
Trusts-Gift Direct To Unincorporated Society-Charities
Trusts-Gift Direct To Unincorporated Society-Charities
Michigan Law Review
In a suit by the personal representative of testator to determine who, if anyone, took under a gift in the will of testator's entire property to the Roman Catholic Church, for the use thereof, the court held that it was a good charitable gift to the "institution which ministers religion and gives spiritual · edification to members of the Roman Catholic Church, for those purposes." In re Schoales, [1930] 2 Ch. 75.
Perpetuities-Payment Of Corpus When Youngest Grandchild Reaches 25-Vested Or Contingent
Perpetuities-Payment Of Corpus When Youngest Grandchild Reaches 25-Vested Or Contingent
Michigan Law Review
T devised all real and personal property to wife and daughter with right to use income for life; portion remaining on their death in trust until youngest grandchild should reach 25, when any than living should receive the corpus; in default of such residue, to pass to others named. There was one grandchild living at T's death. Held, no violation of the rule against perpetuities, for grandchildren would take vested remainders. Endsley v. Hagey (Pa. 1930) 151 Atl. 799.
Wills-Legacy On Condition Precedent Impossible Due To Operation Of Law
Wills-Legacy On Condition Precedent Impossible Due To Operation Of Law
Michigan Law Review
Action was brought to determine the rights of a legatee under a will executed in 1928 creating a trust fund for the legatee, son, upon the condition that he pursue successfully a suit instituted by the testator in Chancery in 1922 to establish his claim as a tenant in fee tail to a certain piece of property. The Law of Property Act, passed in 1925, precluded. the right to such suit, thus rendering the condition impossible prior to its creation. Held, where a testator makes a gift of personalty subject to a condition precedent, the fulfillment of which is …
Trusts-Devices For Defeating Rights Of Creditors
Trusts-Devices For Defeating Rights Of Creditors
Michigan Law Review
Attempts to protect property rights from the claims of creditors are faced at common law with the initial objection that restraints on the power of alienation are wholly ineffective. An exception has been recognized in this country in the case of equitable interests for life or for years. This exception, criticized severely at the time it was first recognized, has established itself in the law of most states in this country, though rejected in two jurisdictions.
Wills-Presentation Of Claims
Michigan Law Review
An action on a contract was commenced against the testator during his life time. After his death notice was given to claimants to present their claims as provided by statute, P. L. 1920 p. 96. On the expiration of the time limit the court granted a rule barring further presentation of claims. The action begun against the testator was then revived against the executor in pursuance of statutory authority, 1 Comp. St. 1910, p. 4. Held, that the action commenced against the testator was properly revived against the executor in accordance with the abatement statute, supra. Pull v. Nagle …
Trusts-Right Of Trustee To Reimbursement For Tort Liability
Trusts-Right Of Trustee To Reimbursement For Tort Liability
Michigan Law Review
The recent New York case, In re Lathers presents the question seldom before raised whether a trustee may be reimbursed from the trust estate for tort liability to a third person through his negligence in management of the estate. In that case, as a result of fire in an apartment building of the trust property, the trustee suffered judgments for $62,000 plus costs. The rooms of one apartment, rented by the trustee's agent, had been closed off by the lessee to form several small apartments. For the one subleased to the tort creditor, access to fire escapes, adequate normally, was …
Corporations-What Amounts To Practice Of Law-Solution Of The Difficulty By Agreements
Corporations-What Amounts To Practice Of Law-Solution Of The Difficulty By Agreements
Michigan Law Review
The defendant trust company advertised that it made a specialty of drawing contracts, deeds, mortgages and wills. It also purported to specialize in the drawing of trust agreements and the management of estates. In a statutory contempt proceeding, upon proof of the performance of these functions for compensation, held the defendant was engaged in the practice of law, and guilty of contempt. In re Eastern Idaho Loan and Trust, Co. (Idaho 1930) 288 Pac. 157.
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.