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Articles 91 - 120 of 841
Full-Text Articles in Estates and Trusts
Restitution - Constructive Trusts - Family Arrangements With Respect To Land Entered Into By Oral Trust, Robert Bruce Nelson
Restitution - Constructive Trusts - Family Arrangements With Respect To Land Entered Into By Oral Trust, Robert Bruce Nelson
Michigan Law Review
A mother, desiring to divide real property among five children, conveyed two of five shares by separate deeds to her daughter, Edith. Although no instructions were written, it was intended that Edith hold one share for her brother, John, who was mentally ill. Edith had no knowledge of the deed to this share at the time, as it was held by another brother, although the deed of her share was delivered to her. It does not appear when Edith first learned of the deed or the trust. When John died she was told of the deed by her other brother, …
Taxation - Federal Estate Tax - Incidence Of Tax Determined By Testamentary Directive, Robert A. Smith
Taxation - Federal Estate Tax - Incidence Of Tax Determined By Testamentary Directive, Robert A. Smith
Michigan Law Review
An inter vivas trust created by testator and property held jointly with his wife were included in his gross estate in computing the federal estate tax.1Testator left his residuary estate to charity and directed in his will that the estate tax on the above inter vivas transfers be borne by the property so transferred. The government determined that the estate tax was payable out of the residue and reduced the charitable deduction by the amount of the estate tax attributable to the inter vivas transfers pursuant to section 812(d) of the 1939 Internal Revenue Code. The district court granted the …
Trusts - The Fiduciary Aspects Of Estate Corporations, John P. Williams S.Ed.
Trusts - The Fiduciary Aspects Of Estate Corporations, John P. Williams S.Ed.
Michigan Law Review
It is the purpose of this comment to examine the existing law with regard to estate corporations, in the hope of providing a guide for persons contemplating contact with them.
Trusts - Construction - Distinction Between "Stock Dividends" And "Stock Spit" For Allocation Purposes, Roger W. Findley S.Ed.
Trusts - Construction - Distinction Between "Stock Dividends" And "Stock Spit" For Allocation Purposes, Roger W. Findley S.Ed.
Michigan Law Review
In 1918 a settlor created two identical trusts, the corpus of each consisting of 300 shares of General Electric no-par common stock. The income was to go to life beneficiaries, and at their deaths the principal was to revert to the settlor or his residuary estate. The trust instrument directed the trustee to transfer to the settlor or his executor, "free of all trusts hereby created, any and all stock dividends .... " In 1954 the corpus of each trust included 1200 shares of G.E. no-par stock with a stated value of $6.25 per share, there having been two stock …
Trusts - Resulting And Constructive Trusts - Rights Of Third-Party Donee To Enforce Oral Trust Of Land, Lawrence E. Blades
Trusts - Resulting And Constructive Trusts - Rights Of Third-Party Donee To Enforce Oral Trust Of Land, Lawrence E. Blades
Michigan Law Review
Plaintiff alleged that her husband, having paid the purchase price on land intended as a: gift for her, caused title to be taken in the name of defendant to hold as trustee. There was, however, no written evidence to support these contentions. Plaintiff further alleged that she took possession and made valuable permanent improvements on the land with the approval of both her husband and defendant. One year after the husband's death and three years after plaintiff's entrance, defendant filed suit for possession. In the present action to enjoin that suit and to establish her ownership, the lower court held …
Trusts - Spendthrift Trusts - Deviation From Trust Terms On The Basis Of Unforeseen Emotional Emergencies, Robert J. Paley
Trusts - Spendthrift Trusts - Deviation From Trust Terms On The Basis Of Unforeseen Emotional Emergencies, Robert J. Paley
Michigan Law Review
Plaintiff and her son were the principal beneficiaries of a testamentary spendthrift trust which had been created by plaintiff's husband. The son, Montgomery Ward Thorne, was found dead under unusual circumstances. His will left a portion of his interest in the trust to his fiancée and her mother. A contest over the son's will developed between plaintiff and the designated beneficiaries in the will which caused intense bitterness between the parties. A compromise agreement was entered into, and plaintiff brought suit to obtain (1) court approval of the will contest settlement and (2) a direction to defendant trustee to invade …
Personal Property - Gifts - Delivery To Third Party, Thomas A. Dieterich S.Ed.
Personal Property - Gifts - Delivery To Third Party, Thomas A. Dieterich S.Ed.
Michigan Law Review
A husband changed the beneficiary of his life insurance policy from his wife to his mother during a temporary separation and failed to restore his wife as beneficiary after reconciliation. Subsequent to his death the mother, in the presence· of the wife, signed a memorandum "waiving" her policy rights "to" the wife and handed the writing to the insurer's district manager. Before payment of the proceeds the mother discovered that the wife was the beneficiary of another policy and attempted to revoke the memorandum. In insurer's interpleader action, a gift to the wife was recognized. On appeal, held, affirmed. …
Future Interests - Rule Against Perpetuities - Recent Statutory Amendment In New York, Paul K. Gaston S.Ed.
Future Interests - Rule Against Perpetuities - Recent Statutory Amendment In New York, Paul K. Gaston S.Ed.
Michigan Law Review
After 128 years of criticism and confusion and enormous amounts of litigation, New York has amended its statutory rule against perpetuities. The old rule provided that the absolute power of alienation could not be suspended for longer, than "two lives in being" at the creation of the estate plus a minority exception in some cases. Under the new rule the absolute power of alienation can be suspended for a period measured by any number of "lives in being" at the creation of the estate so long as they are not "so designated or so numerous as to make proof of …
Wills - Testamentary Additions To The Corpus Of An Inter Vivos Trust-Recent Judicial And Legislative Developments, Richard I. Singer S.Ed.
Wills - Testamentary Additions To The Corpus Of An Inter Vivos Trust-Recent Judicial And Legislative Developments, Richard I. Singer S.Ed.
Michigan Law Review
The shape of the law relating to testamentary additions to the corpus of an inter vivos trust was outlined in 1951 by Professor George E. Palmer in an article entitled "Testamentary Dispositions to the Trustee of an Inter Vivos Trust." It is the purpose of this comment to consider recent developments in this area. A generalized formulation of the problem to be dealt with is-may a valid bequest be made to the trustee of an inter vivos trust without setting out the terms of the trust in the will?
Taxation - Federal Estate Tax - Insurance And Annuity Combinations, John B. Schwemm S.Ed.
Taxation - Federal Estate Tax - Insurance And Annuity Combinations, John B. Schwemm S.Ed.
Michigan Law Review
Decedent, aged seventy-six, invested in three single premium life insurance policies. Issuance of each was conditioned on the purchase of a single life, nonrefundable annuity of specified value, and no physical examination was required. Each combination was balanced so that the total premium, exclusive of loading charges, equalled the face value of the insurance. The resulting correlation between compound interest and annuity disbursements made the guaranteed payments to the annuitant correspond precisely with the expected income of a reinvestment of the entire deposit by the insurer. Decedent retained the annuity rights, but all present and future interests in the life …
Conflict Of Laws - Estoppel - Extra-Territorial Effect Of Probate Decree, Thomas A. Hoya S.Ed.
Conflict Of Laws - Estoppel - Extra-Territorial Effect Of Probate Decree, Thomas A. Hoya S.Ed.
Michigan Law Review
Testator, domiciled in California, by his will created a charitable trust of his residuary estate which included lands located in North Dakota. Under California law, the charitable bequest was valid to the extent of only one-third of the residuary estate. Upon distribution of the trust estate by the California court, the charity appeared and received its one-third of the entire residuary property. The trustee then filed with the North Dakota court, asking that the North Dakota land be distributed in accord with the California decree. Since there was no limitation on the validity of the charitable bequest in North Dakota, …
Descent And Distribution - Joint Ownership - Imposition Of Constructive Trust On Murderer Of Co-Tenant, John B. Schwemm S.Ed.
Descent And Distribution - Joint Ownership - Imposition Of Constructive Trust On Murderer Of Co-Tenant, John B. Schwemm S.Ed.
Michigan Law Review
A husband, owning land with his wife as tenants by the entireties, killed her and immediately thereafter committed suicide. In an action to determine ownership of the realty, both the probate and appellate courts declared that since a relevant disinheritance statute was inapplicable, full title vested in the husband and, upon his death, descended to his heirs. On appeal, held, reversed. Despite the common law nature of such tenancies, equity will impose on the husband a constructive trust in one-half the property for the benefit of the victim's estate. National City Bank of Evansville v. Bledsoe, (Ind. 1957) …
Wills - Devise To Executor For Further Distribution - Application Of Trust And Power Doctrines, William P. Wooden S.Ed.
Wills - Devise To Executor For Further Distribution - Application Of Trust And Power Doctrines, William P. Wooden S.Ed.
Michigan Law Review
This comment is designed to demonstrate the potential. anomalies which exist in traditional thinking in this area and to point up some possibilities for correlation of the hitherto unrelated concepts developed in the trust and power realms.
Fiduciary Administration - Nominee Statutes - Transfer Of Securities Held For The Benefit Of Another, Joseph T. De Nicola
Fiduciary Administration - Nominee Statutes - Transfer Of Securities Held For The Benefit Of Another, Joseph T. De Nicola
Michigan Law Review
Michigan is the forty-second jurisdiction to enact a nominee statute. Nominee statutes authorize a fiduciary to nominate a third person to hold stock or securities in the third person's name without giving notice on the stock certificate or on the transfer books of the corporation of his qualified ownership. For the most part it has been assumed that these statutes would facilitate a more rapid transfer of securities. It is the purpose of this comment to compare and analyze these statutes and to determine whether they are the most effective means of accomplishing the end they are intended to serve.
Should The Rule Against Perpetuities Discard Its Vest?, Daniel M. Schuyler
Should The Rule Against Perpetuities Discard Its Vest?, Daniel M. Schuyler
Michigan Law Review
From what has preceded it is apparent that none of those who would reform the rule against perpetuities, excepting Professor Simes, has suggested that the rule's application to remoteness of vesting alone requires investigation. Yet there is little doubt that this aspect of the rule has caused as much if not more litigation than those which have been so harshly condemned. Proof of this assertion will not be undertaken, for every property lawyer knows how frequently courts are called upon to determine whether for purposes of the rule an interest is "vested" or "contingent." Professor Simes put it well when …
Wills - Revocation - Loss Of A Duplicate Will, John W. Gelder
Wills - Revocation - Loss Of A Duplicate Will, John W. Gelder
Michigan Law Review
Testator, who had executed his will in triplicate, retained two originals in his possession, but only one of them could be found after his death. Plaintiff sought to probate this document, but the lower court held that the plaintiff had not rebutted the presumption of revocation arising from the loss or destruction of one duplicate and refused to grant probate. On appeal, held, reversed. The presumption that the testator destroyed one original with an intention to revoke his will is rebutted by the fact the testator had preserved another original in his possession. Jones v. Mason, (La. 1958) …
Future Interests - Validity Of Shifting Executory Interest On Event Certain To Occur, Jerome B. Libin S.Ed.
Future Interests - Validity Of Shifting Executory Interest On Event Certain To Occur, Jerome B. Libin S.Ed.
Michigan Law Review
Testator's will provided for alternative devises of his business real estate. If employees of the business exercised an option granted by the will to purchase his partnership interest within eight months after his death, the real estate was to pass to a bank in trust for his daughter and her children. If the option was not exercised within this period, the real estate was to pass to his widow. A residuary clause divided the remainder of his estate equally between his widow, absolutely, and the named bank as trustee. After passage of the eight-month period, testator's daughter sought a declaration …
Should The Rule Against Perpetuities Discard Its Vest?, Daniel M. Schuyler
Should The Rule Against Perpetuities Discard Its Vest?, Daniel M. Schuyler
Michigan Law Review
The venerable rule of property known as the rule against perpetuities has recently been subjected to numerous searching and critical analyses, some of which will presently be discussed. Thus far nothing has been published dealing with, and only Professor Simes has touched upon, what seems to the present writer to be the most serious problem engendered by the common law rule in its commonly accepted form, i.e., the notion that the rule is concerned only with remoteness of vesting. It is the purpose of the present discussion to examine the concept of vesting as related to the rule and to …
Legislation - Future Interests - Extinguishment Of Contingent Remainder Interests In The Unborn, Edward B. Stulberg
Legislation - Future Interests - Extinguishment Of Contingent Remainder Interests In The Unborn, Edward B. Stulberg
Michigan Law Review
Under the somewhat misleading title of "An Act To Permit the Dissolution of Estates Tail and To Permit the Conveyance of Contingent Remainder Interest and To Provide Procedure Therefor," Arkansas has enacted legislation which partially revitalizes an ancient common law rule that other legislatures and courts have been trying to eliminate for some hundred and fifty years-the doctrine of the destructibility of contingent remainders. Arkansas' Act 163 is thus unique among the modern statutes designed to increase the alienability of estates fettered with outstanding future interests.
Fiduciary Administration - Compensation - Extra Compensation And The Rule Against Self-Dealing, David Shute
Fiduciary Administration - Compensation - Extra Compensation And The Rule Against Self-Dealing, David Shute
Michigan Law Review
Respondent was a member of a firm of certified public accountants who were actively engaged in assisting decedent work out his income tax difficulties at the time of his death. Under decedent's will respondent was named executor and trustee along with decedent's lawyer and a trust company. The executors employed respondent's partnership to perform services in connection with the estate. The surviving widow and life beneficiary of the estate filed objections to the account of the executors, urging that the rule against self-dealing on the part of fiduciaries precluded respondent from recovering for services performed as an accountant in addition …
Wills - Legacies - Presumption Of Satisfaction Of Debt, Harry D. Krause S.Ed.
Wills - Legacies - Presumption Of Satisfaction Of Debt, Harry D. Krause S.Ed.
Michigan Law Review
Petitioners, the residuary legatees under their father's will, sought an accounting of dividends from stocks and rents from real property belonging to them but which had been collected by their father during his life and commingled with his own assets. The will did not state that the legacy to petitioners was intended to be in satisfaction of claims against the estate. To review an order of the chancellor requiring them to elect between accepting the legacy or prosecuting their claims against the estate petitioners brought certiorari. Held, certiorari granted, order requiring election quashed, and cause remanded. There is no …
Restitution - Equitable Remedies - Imposition Of Equitable Lien To Carry Out Provisions Of Will, David C. Berg
Restitution - Equitable Remedies - Imposition Of Equitable Lien To Carry Out Provisions Of Will, David C. Berg
Michigan Law Review
H and W each conveyed their separate farms to themselves as joint tenants by means of a third-party conduit. The deeds were not recorded, and H and W continued to regard their respective farms as belonging to themselves individually. In 1951, W, faced with imminent death, executed a will calling for the payment of certain bequests out of her farm or its proceeds. H agreed to act as executor and promised that the bequests would be paid. H had recorded the joint tenancy deeds before W died, but had not paid the bequests when he died intestate two years …
Corporations - Shareholders - Delegation Of Director's Principal Duties Insufficient To Invalidate A Voting Trust, Gerald D. Rapp
Corporations - Shareholders - Delegation Of Director's Principal Duties Insufficient To Invalidate A Voting Trust, Gerald D. Rapp
Michigan Law Review
The directors of an intermediate unit in a string of holding companies caused the corporation's sole substantial asset, the stock representing control of a subordinate holding company, to be deposited in a voting trust. Most of these directors, serving one-year terms, comprised the majority of the trustees who were to serve for the life of the ten-year trust. This act served to insulate the lower companies from the control of plaintiffs who were majority shareholders of the top holding company. The plaintiffs sought an injunction restraining the use by the trustees of the stock controlled by the trust to effect …
Wills - Lapse Of A Residuary Gift, Phillip Jacobus
Wills - Lapse Of A Residuary Gift, Phillip Jacobus
Michigan Law Review
Testatrix left a will containing the following bequest: ". . . I give, devise and bequeath to my brothers and sisters, A, B, C, D and the children of E (naming them), and F and G, all the ... residue ... of my Estate ... both real and personal of whatsoever kind . . . and wherever situated should be sold and distributed in equal share, share and share alike .... " G died before the testatrix, and her share lapsed. The trial court held that G's share passed as intestate property of the testatrix. On appeal, held, …
Scott: The Law Of Trusts (Second Edition)., Lewis M. Simes
Scott: The Law Of Trusts (Second Edition)., Lewis M. Simes
Michigan Law Review
A Review of The Law of Trusts (second edition). By Austin Wakeman Scott
Future Interests - Construction - Implied Condition Of Survivorship, Herbert A. Bernhard S.Ed.
Future Interests - Construction - Implied Condition Of Survivorship, Herbert A. Bernhard S.Ed.
Michigan Law Review
Decedent's will gave the income from his estate to his widow for life. After her death the estate was to be held for an additional ten years, during which time the income was to be equally divided among his named daughters, Jennie, Bertha, Ida and Martha. At the end of the ten-year period, the estate was to be divided among the four daughters in equal shares, with the children of a daughter not surviving the ten-year period to take her share. Martha died three years after decedent's widow died. Plaintiff, as administrator of Martha's estate, objected to the payment by …
Future Interests - Rule Against Perpetuities - Recent Kentucky Legislation Pertaining To Administrative Contingencies, Jules M. Perlberg S.Ed.
Future Interests - Rule Against Perpetuities - Recent Kentucky Legislation Pertaining To Administrative Contingencies, Jules M. Perlberg S.Ed.
Michigan Law Review
A recent Kentucky amendment to its perpetuities statute follows the lead of Illinois in seeking a legislative solution to the problems inherent in applying the rule against perpetuities to administrative contingencies. The amendment provides, inter alia, that the vesting of any limitation of property "shall not be regarded as deferred for purposes of the rule against perpetuities or regarded as a suspension of the power of alienation of title to property merely because the limitation is made to the estate of a person, or to a personal representative, or to a trustee under a will, or to take effect on …
Trusts - Improved Real Estate - Validity Of Depreciation Reserves, Ross Kipka S.Ed.
Trusts - Improved Real Estate - Validity Of Depreciation Reserves, Ross Kipka S.Ed.
Michigan Law Review
Depreciation of physical assets is an accounting procedure now taken for granted in the business and tax areas of the law. Its emergence in the field of trusts has been relatively slow, however, and even today it has not gained much acceptance by the courts. It is the purpose of this comment to examine some of the reasons why the courts have been reluctant in applying the depreciation concept to trusts, and in particular to those trusts that include improved real estate among the assets of the corpus.
Business Associations - Uniform Limited Partnership Act - Corporation As A Limited Partner, Richard Singer
Business Associations - Uniform Limited Partnership Act - Corporation As A Limited Partner, Richard Singer
Michigan Law Review
The Port Arthur Trust Co., a Texas corporation, sought to enter into a limited partnership agreement as a limited partner. Its capital contribution was to be three trusts established by the prospective general partner wherein the trust company had been named trustee. The secretary of state refused to file the instrument creating the limited partnership on the grounds "that it was necessary for a corporation to have express charter powers" before it can, enter into a limited partnership, and that "a corporation is not a 'person' " within the meaning of the Texas Uniform Limited Partnership Act. The corporation then …
Restitution - Constructive Trust Relief For Breach Of Oral Contract To Create Trust In Land, Edward A. Manuel S.Ed.
Restitution - Constructive Trust Relief For Breach Of Oral Contract To Create Trust In Land, Edward A. Manuel S.Ed.
Michigan Law Review
Plaintiff mining company sued to impose a constructive trust on mineral interests purchased by the defendant employee in breach of his oral agreement with the company. The agreement included a promise to hold any property so acquired in trust for the employer at his election. Ruling that this agreement was unenforceable under the Oklahoma statute of frauds, the trial court relied on the defendant's status as an ordinary employee without duties relating to the acquisition of mineral interests or access to confidential information, and gave judgment for the defendant. On appeal, held, affirmed. Without proof of positive fraud or …