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Articles 3121 - 3150 of 3546

Full-Text Articles in Estates and Trusts

Trusts - Change Of Circumstances As Basis For Variation Of Trust Instrument Nov 1934

Trusts - Change Of Circumstances As Basis For Variation Of Trust Instrument

Michigan Law Review

The testator left his estate to trustees with directions to pay the income to his widow and three sons in equal shares, the principal to vest in the sons upon his widow's marriage or death. The widow in addition was given the use of the family homestead or the use of a new home not to exceed the price of $25,000. The homestead, valued at $200,000, became undesirable for residential purposes due to the growth of the business center of the city. The widow petitioned the court to direct the trustees to pay her $15,000 a year from the trust …

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Future Interests--Meaning Of "Heirs"--Construction Of Limitations, "A For Life, Then To A'S Children In Fee; And In Default Thereof, To The Heirs Of The Testator," Where A Is Sole Heir At Law Of Testator, Edward S. Bock Jr. Jun 1934

Future Interests--Meaning Of "Heirs"--Construction Of Limitations, "A For Life, Then To A'S Children In Fee; And In Default Thereof, To The Heirs Of The Testator," Where A Is Sole Heir At Law Of Testator, Edward S. Bock Jr.

West Virginia Law Review

No abstract provided.

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Trusts--Constitutional Law--Retroactivity Of Provision Of 1931 Code As To Parol Trusts, R. E. Hagberg Jun 1934

Trusts--Constitutional Law--Retroactivity Of Provision Of 1931 Code As To Parol Trusts, R. E. Hagberg

West Virginia Law Review

No abstract provided.

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Escheat In Washington, Carl P. Zapp Jun 1934

Escheat In Washington, Carl P. Zapp

Washington Law Review

Since the income of the state is dependent upon the income of the inhabitants, whatever diminishes their income also diminishes that of the state. Thus during times of depression when the people are unemployed and property becomes depreciated in value the income of the state, largely based upon taxation, becomes to that ,extent lessened. Therefore, when the taxes become insufficient, the tendency is to look to other sources of revenue which during prosperous times are often overlooked. One of these sources of revenue is escheat. There have been two recent decisions upon the subject in Washington. In the Allen case …

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Taxation--Future Interests--Presumption Of Capacity To Bear Children, Robert W. Burke Jun 1934

Taxation--Future Interests--Presumption Of Capacity To Bear Children, Robert W. Burke

West Virginia Law Review

No abstract provided.

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Wills-Contract Not To Contest Jun 1934

Wills-Contract Not To Contest

Michigan Law Review

A testatrix left the bulk of her estate to the plaintiff whom she named as her executor. Defendant, dissatisfied with his bequest, threatened to contest the will. Thereupon, the parties entered into a contract whereby the plaintiff agreed to give the defendant a piece of land and a sum of money in addition to his legacy in consideration of defendant's promise not to contest the will. Shortly thereafter defendant joined relatives of the decedent in opposing probate. In an action in equity to specifically enforce the agreement, held, that the contract was valid and that the defendant be permanently …

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Wills-Right Of Beneficiaries To Compromise So As To Defeat Provisions Of Will-Waiver Of Benefit Jun 1934

Wills-Right Of Beneficiaries To Compromise So As To Defeat Provisions Of Will-Waiver Of Benefit

Michigan Law Review

Testator died leaving a valid will. The beneficiaries, who were also the heirs at law, presented a stipulation to the court, signed by all the parties in interest, agreeing that the will should not be admitted to probate; and the court refused the will. Later a dispute arose as to the settlement, and some of the beneficiaries brought a bill in equity to set aside the court order. Held, the agreement was supported by a valid consideration and is binding on the parties. Order of the court refusing probate upheld. In re Murphy's Estate, (Iowa 1934) 252 N. …

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Future Interests - Federal Estate Tax - Admissibility Of Evidence Of Barrenness Of Devisee Mar 1934

Future Interests - Federal Estate Tax - Admissibility Of Evidence Of Barrenness Of Devisee

Michigan Law Review

In an inquiry as to the value of an executory bequest to charitable institutions, conditioned on the death of the testator's daughter without issue surviving her, was evidence that at the time of the testator's death she had been rendered incapable of bearing children admissible for the purpose of determining the amount of a deduction from the federal estate tax? Held, that such evidence was admissible. United States v. Provident Trust Co., (U. S. 1934) 54 Sup. Ct. 389.

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Conflict Of Laws - Inter Vivos Trust-Administration In State Other Than State Where Created Mar 1934

Conflict Of Laws - Inter Vivos Trust-Administration In State Other Than State Where Created

Michigan Law Review

Under an antenuptial agreement executed in Quebec, P made D the beneficiary of a $125,000 trust fund. Later, in consideration for renouncing her interest in this trust fund, D was made the beneficiary of a $1,000,000 trust, under an instrument executed in Quebec at the settlor's domicil, but with a New York trustee, the trust to be administered in New York where a substantial portion of the res was located at the time of settlement. Under the local law of Quebec such modification of the antenuptial agreement was invalid; under the local law of New York it was valid. When …

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Adoption--Effect Of Informal Adoption In Equity, Charles W. Caldwell Feb 1934

Adoption--Effect Of Informal Adoption In Equity, Charles W. Caldwell

West Virginia Law Review

No abstract provided.

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Taxation -Taxability Of Inter Vivos Trust With Power Of Revocation Reserved Feb 1934

Taxation -Taxability Of Inter Vivos Trust With Power Of Revocation Reserved

Michigan Law Review

In 1918 decedent established a trust fund in favor of his daughter, reserving the power to alter or modify the deed in favor of anyone except himself but retaining neither the life income nor any interest in the res. Later decedent revoked the deed and re-established the trust in favor of the daughter's two children. On decedent's death the Commissioner of Internal Revenue included the value of the trust res in decedent's gross estate for purposes of taxation as provided by the Revenue Act of 1926 § 302(d). Held, that the tax was not repugnant to the Fifth …

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Certain Evasive And Protective Devices Affecting Succession To Decedents' Estates, Alvin Evans Feb 1934

Certain Evasive And Protective Devices Affecting Succession To Decedents' Estates, Alvin Evans

Michigan Law Review

In Anglo-American law for many generations the power of an owner of property to determine the disposal of his estate at death has met with but comparatively few limitations. The statute creating this power was motivated by the assumption that the interest of the owner, reaching even beyond death, is paramount to other social interests. This power is an important item in a capitalistic system. And even if he does not exercise his power, the decedent may rest assured that another statute will do for him approximately what he may be supposed to have desired.

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Partnership - Declaration Of Trust - Stipulation Against Personal Liability Feb 1934

Partnership - Declaration Of Trust - Stipulation Against Personal Liability

Michigan Law Review

Plaintiff, the payee of a note of a Texas unincorporated association, sought to hold the defendant shareholders liable as partners. The articles of association provided for trustees to hold and manage the association property, but reserved powers in the shareholders so the latter could: (I) increase capital stock, (2) annually elect the trustees and annually increase or diminish the number of trustees, (3) repeal or amend any of the articles of association, (4) order trustees to call special meetings, (5) remove trustees and subject them to shareholders' orders at all times, ( 6) transact such business as they might inaugurate …

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Taxation - Deduction Of Capital Losses Feb 1934

Taxation - Deduction Of Capital Losses

Michigan Law Review

Executors were directed to sell the testator's residuary estate. Out of one-fifth of the proceeds a trust fund of $500,000 was to be set up, and the balance given to plaintiff absolutely. The testator in his will then stated that a large part of his residuary estate would consist of realty "which should not be sold excepting under favorable conditions," and directed his executors to hold and manage it until it could be advantageously sold. After some years the executors sold a piece of land at a loss. Plaintiff was entitled to one-fifth of the proceeds, and so he deducted …

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Future Interests -Transferability Of Right Of Entry For Breach Of Condition Jan 1934

Future Interests -Transferability Of Right Of Entry For Breach Of Condition

Michigan Law Review

Plaintiff's ancestor conveyed land to the city, on the express condition that the city should construct and forever maintain a "speedway" on the premises conveyed, reserving to himself, his heirs and assigns a right of entry for breach of the condition. Subsequently, before the condition was broken, he conveyed to a third party all his remaining land adjoining the Speedway, "together with all the right, title and interest of the party of the first part, in said Speedway." The breach of the condition having since admittedly occurred, the plaintiff, the heir of the original grantor, sought to assert the right …

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Future Interests -Testamentary Trust -Admissibility Of Evidence Of Barrenness Of Devisee Jan 1934

Future Interests -Testamentary Trust -Admissibility Of Evidence Of Barrenness Of Devisee

Michigan Law Review

A testator's will devised his residuary estate in trust to his daughter for life, remainder to her lawful issue, in default of which the corpus was to be distributed to certain charities. The daughter died without issue. After her death the trustee brought suit against the United States for refund of taxes paid, both parties agreeing that the sole question for determination was the admissibility of evidence of the removal of the daughter's generative organs to prove that at the time of the testator's death it was impossible for her to bear issue. Held, such evidence was admissible. Provident …

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Testamentary Revocation By Subsequent Instrument, Alvin E. Evans Jan 1934

Testamentary Revocation By Subsequent Instrument, Alvin E. Evans

Kentucky Law Journal

No abstract provided.

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Testamentary Revocation By Adoption Of A Child, Alvin E. Evans Jan 1934

Testamentary Revocation By Adoption Of A Child, Alvin E. Evans

Kentucky Law Journal

No abstract provided.

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Equity--Laches--Statute Of Limitations, Julius Cohen Dec 1933

Equity--Laches--Statute Of Limitations, Julius Cohen

West Virginia Law Review

No abstract provided.

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Trust Receipts- Rights As Between The Parties Nov 1933

Trust Receipts- Rights As Between The Parties

Michigan Law Review

The defendant financed purchases of automobiles by plaintiff, a retail dealer, in the following manner. The manufacturer would send the bill of lading and draft on plaintiff to a bank acting as agent for defendant. The bank would advance the amount of the draft and deliver the bill of lading to plaintiff, taking a trust receipt on the cars. This trust receipt recited that defendant was the owner of the automobiles and might retake possession at any time. On breach of the agreement, defendant retook possession of the cars with plaintiff's consent and thereafter sold them without plaintiff's knowledge. Plaintiff …

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Trust Mortgages - Funds Deposited With The Trustee - Right Of Receiver To Appropriate Nov 1933

Trust Mortgages - Funds Deposited With The Trustee - Right Of Receiver To Appropriate

Michigan Law Review

There are several important ways in which a receiver of a corporation may clash with the trustee under a trust mortgage as regards the use of funds deposited with the trustee. The receiver, who is acting for the benefit of the general creditors and the estate generally, often seeks to obtain funds in the hands of the trustee who represents the bondholders. Not infrequently the trust deed from which the trustee derives his authority contains provisions for the setting up by the mortgagor of a sinking fund; or for the retention of money obtained through the release of properties from …

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Banks And Banking -Trust Funds - Deposits For A Special Purpose Nov 1933

Banks And Banking -Trust Funds - Deposits For A Special Purpose

Michigan Law Review

Plaintiff had an arrangement with defendant bank whereby receipts of certain of plaintiff's branch stores were to be deposited daily with defendant, and the latter was to transmit each day by draft to a bank in Pittsburgh for plaintiff's credit all sums in excess of a dormant balance of $2,000. Drafts covering two days' deposits were in process of transmission to the Pittsburgh bank when defendant bank was taken over by the Comptroller of the Currency. The deposits represented by these drafts were made at a time when defendant's officers and directors knew the bank to be insolvent, though negotiations …

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Taxation Of Trust Estates-Reservation Of Life Income Nov 1933

Taxation Of Trust Estates-Reservation Of Life Income

Michigan Law Review

Settlor executed a deed of trust, retaining a life income, but no power of revocation. Held, that the State of Connecticut could tax the transfer as a gift to take effect in possession or enjoyment at or after death without violating the federal constitution. Guaranty Trust Co. of New York v. Blodgett, (U.S. 1933) 53 Sup. Ct. 244.

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Trusts--Power Of Court To Require Trustee In Deed Of Trust To Insure, Charles W. Caldwell Jun 1933

Trusts--Power Of Court To Require Trustee In Deed Of Trust To Insure, Charles W. Caldwell

West Virginia Law Review

No abstract provided.

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Taxation--Revocable Trust In Income Tax Evasion, Frederick H. Barnett Jun 1933

Taxation--Revocable Trust In Income Tax Evasion, Frederick H. Barnett

West Virginia Law Review

No abstract provided.

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Trusts--Insolvent Banks--Tracing Trusts Property Jun 1933

Trusts--Insolvent Banks--Tracing Trusts Property

Indiana Law Journal

No abstract provided.

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Future Interests - Rule Against Perpetuities Applibd To A Charitable Trust Jun 1933

Future Interests - Rule Against Perpetuities Applibd To A Charitable Trust

Michigan Law Review

The testator devised property to a trustee to accumulate the income for the period of a life in being and twenty-one years. Then a corporation was to be organized to receive the fund as trustee in order to apply it to a named charitable purpose. Held, that the gift does not contravene the rule against perpetuities on the grounds that the gift takes effect in possession the instant the prior period ends, that beneficially the gift vests in charity at the death of the testator, and that the rule does not apply to charitable gifts. First Camden National Bank …

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Trusts - For Employees - Definiteness Of Cestui Jun 1933

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 …

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Wills And Administration - Jurisdiction Over The Probate Of Lost Or Destroyed Wills Jun 1933

Wills And Administration - Jurisdiction Over The Probate Of Lost Or Destroyed Wills

Michigan Law Review

Under Mich. Comp. Laws (1929), sec. 15547, a will lost, suppressed or destroyed may be admitted to probate upon its being established in a prescribed manner in the probate court. And under sec. 15543 no will is effectual to pass title to property unless probated as required by law. Plaintiff coal company, apparently under the direction of its manager, King, filed a bill of interpleader for a judicial determination as to whether it should pay rent as lessee of certain property to the administrator of the estate of the deceased lessor, or to King, who claimed as devisee of the …

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Bills And Notes - Negotiable Despite Reference To Trust Agreement May 1933

Bills And Notes - Negotiable Despite Reference To Trust Agreement

Michigan Law Review

In an action of replevin for the recovery of stolen debenture bonds, the defense relied upon the contention that the bonds were negotiable and that they had been bought by an innocent purchaser. The bonds in terms referred to a trust agreement "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 the said trust agreement." It was further provided in the bonds that "to the extent provided in the said trust agreement all rights of …

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