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Full-Text Articles in Estates and Trusts

Bills And Notes -- Non-Negotiable Because Of Reference To Trust Agreement May 1933

Bills And Notes -- Non-Negotiable Because Of Reference To Trust Agreement

Michigan Law Review

Whether certain purchasers of notes occupied a better position than the ones from whom they purchased depended upon whether the notes in question were negotiable. Each note contained the following clause: "This note is one of a duly authorized issue of notes . . . issued under and all legally entitled to the benefit of a trust indenture. . . . For a description of the rights of the holders of the notes and the terms and conditions upon which the notes are issued, reference is made to said Trust Indenture with like effect as though said Trust Indenture were …

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Life Estates - Oil And Gas -Effect Of Lease By Life Tenant May 1933

Life Estates - Oil And Gas -Effect Of Lease By Life Tenant

Michigan Law Review

The plaintiff, a remainderman, granted an "oil and gas lease to X, subject to the rights of the tenant by curtesy, Anderson. Anderson, seven years later, granted an "oil and gas lease" in the same premises to Y. Eventually both leases were acquired by the defendant who entered upon the land and drilled for oil. Anderson contended that he was entitled not only to the royalty stipulated in the lease made by him, but also to receive for his lifetime the income from the proceeds of the sale of the royalty for which the remainderman stipulated. The defendant …

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Liability Of The Trustee Estate For Torts Of The Trustee, Jack C. Burdett Apr 1933

Liability Of The Trustee Estate For Torts Of The Trustee, Jack C. Burdett

West Virginia Law Review

No abstract provided.

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Banks And Banking - Changing Character Of Deposit To Establish Trust Apr 1933

Banks And Banking - Changing Character Of Deposit To Establish Trust

Michigan Law Review

Respondent had a savings account with a local bank and, having arranged that the bank should purchase certain bonds for him, made an additional deposit therein. Four days later respondent was informed by an officer of the bank that the bonds had been purchased and was given a slip noting that his account had been charged with an amount equal to the purchase price. On its own books the bank charged the respondent's savings account with that amount and entered it as a "deposit" in its "bond account." Upon the insolvency of the bank it was found that no bonds …

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Future Interests-Rule In Shelley's Case Apr 1933

Future Interests-Rule In Shelley's Case

Michigan Law Review

In a recent North Carolina case a trustee under a deed of trust brought suit for specific performance against defendant who was the highest bidder, subject to approval of title, at a public sale of the property. Defendant contended that the trustee could not convey a title in fee since the deed to his grantor was "to R. W. for life with remainder to his bodily heirs by ------ if any," otherwise to another. Held, that defendant must perform his contract since the deed in question gave R. W. a contingent fee tail under the rule in Shelley's case, …

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Trusts-Apportionment Of Dividends Between Life Beneficiaries And Remaindermen - Depletion Of Oil Reserve Apr 1933

Trusts-Apportionment Of Dividends Between Life Beneficiaries And Remaindermen - Depletion Of Oil Reserve

Michigan Law Review

Stock in an oil company was left in trust to pay the income to life beneficiaries with remainder over. For income-tax purposes the company deducted from income a figure for depletion of oil reserve, but at the close of each year it added directly to surplus account the same amount which had been deducted for depletion. Since the books of the company thus indicated that its management did not regard the drawing of oil from its wells as reducing the value of its property the court held that dividends, so far as they are made out of this amount, should …

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Executors And Administrators - Administration Without Probate Mar 1933

Executors And Administrators - Administration Without Probate

Michigan Law Review

The plaintiff is the only heir of the decedent who died intestate. The defendant was in possession of certain assets of the deceased which had formerly been deposited with a bank, now insolvent. Plaintiff brought a bill in her own name to compel the defendant to turn over to her such assets. The Illinois statute providing for administration adds, "Provided, That when the heirs are residents of this State and the estate is solvent and without minor heirs and it is desired by the parties in interest. to settle the estate without administration this law shall not apply." Held, …

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Specific Performance--Forcing Release Of Inchoate Dower Under Statutory Scheme, Kingsley R. Smith Feb 1933

Specific Performance--Forcing Release Of Inchoate Dower Under Statutory Scheme, Kingsley R. Smith

West Virginia Law Review

No abstract provided.

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Banks And Banking--Insolvency--Preference Against Trust Company Executor For Funds On Deposit At Testator's Death, George W. Mcquain Feb 1933

Banks And Banking--Insolvency--Preference Against Trust Company Executor For Funds On Deposit At Testator's Death, George W. Mcquain

West Virginia Law Review

No abstract provided.

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Executors And Administrators-Who Is Entitled To Appointment Feb 1933

Executors And Administrators-Who Is Entitled To Appointment

Michigan Law Review

The administration of the decedent's estate was granted to the guardian of her minor child, the issue of a former marriage. The child was the sole heir of his mother, and she had no creditors. The deceased's husband had no interest in her estate. The husband was denied the right to administer his wife's estate under the Wisconsin statute. The statute provides that administration shall be granted in the following order; first, to the widow, surviving husband or next of kin or both if suitable and competent to discharge the trust; second, to one or more of the principal creditors; …

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Certain Problems Confronting Creditors When A Revocable Trust Accomplishes Testamentary Succession, Ray Leslie Alexander Feb 1933

Certain Problems Confronting Creditors When A Revocable Trust Accomplishes Testamentary Succession, Ray Leslie Alexander

Michigan Law Review

Under the overwhelming weight of authority the reservation by the settlor of the income from trust property, or of other benefits, during his lifetime, and of the power to revoke the trust and so recover all or any part of the principal does not invalidate the trust; nor does the trust fail because the trust instrument is not executed in accordance with the Statute of Wills. Upon the death of the settlor the corpus of such a trust is distributable by the trustee in accordance with the terms of the trust instrument and does not pass to the executor or …

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Wills - Predecease Of Residuary Legatee Feb 1933

Wills - Predecease Of Residuary Legatee

Michigan Law Review

A will specified nominal bequests to testator's daughters who were in custody of his divorced spouse, and the residue to the two sons, by name, in custody of the testator. One of the sons predeceased the testator. Held, the share of the predeceased legatee was to go to the surviving residuary legatee. In re Zimmerman's Estate, 122 Neb. 812, 241 N. W. 553 (1932).

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Wills - Renunciation By The Beneficiary As Affecting The Rights Of His Creditors Jan 1933

Wills - Renunciation By The Beneficiary As Affecting The Rights Of His Creditors

Michigan Law Review

The testator devised to his son an undivided fourth interest in a certain piece of land. The creditors of the son levied on the land, and it was sold at an execution sale. After the execution sale the son formally renounced all his rights under the will. Held, that a beneficiary under a will has the right to renounce unconditionally all benefits derived from the will, and his creditors have no right to object. Lehr v. Switzer, (Iowa 1931) 239 N. W. 564.

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Recent Kentucky Cases On Future Interests, W. Lewis Roberts Jan 1933

Recent Kentucky Cases On Future Interests, W. Lewis Roberts

Kentucky Law Journal

No abstract provided.

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Publicación "Hevia", Oscar Hevia Jan 1933

Publicación "Hevia", Oscar Hevia

Mario Diaz Cruz Pamphlets

Dedicada a la publicidad de los testamentos, donaciones, fundaciones de capellanías, imposiciones, venta reales y a censo, planos y demás documentos de importancia otorgados con anterioridad al año 1898, que se encuentran en el archivo general de protocolos de La Habana.

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The Meaning Of "Heirs" In Willsa Suggestion In Legal Method, Lewis M. Simes, Lorentz B. Knouff, George E. Leonard Jr.: Jan 1933

The Meaning Of "Heirs" In Willsa Suggestion In Legal Method, Lewis M. Simes, Lorentz B. Knouff, George E. Leonard Jr.:

Michigan Law Review

A major task of the lawyer is the prediction of judicial action. No less than a quarter of a century ago Justice Holmes referred to the law as a body of "systematized prediction." Today legal scholars are not content to base their predictions solely upon the body of rules announced in judicial opinions. By means of elaborate fact studies they have sought to ascertain how rules of law actually function in society. Not only have these studies dealt with problems of procedure and the administration of courts, they have also invaded the fields of commercial and property law. Among such …

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Chose In Action--Gratuitous Assignment, William Mellor Jan 1933

Chose In Action--Gratuitous Assignment, William Mellor

Kentucky Law Journal

No abstract provided.

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Contribution--Where One Joint Principal Pays Tort Judgement Against Agent, Charles W. Caldwell Dec 1932

Contribution--Where One Joint Principal Pays Tort Judgement Against Agent, Charles W. Caldwell

West Virginia Law Review

No abstract provided.

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Cases On The Administration Of Insolvent Estates, Raymon T. Johnson Dec 1932

Cases On The Administration Of Insolvent Estates, Raymon T. Johnson

West Virginia Law Review

No abstract provided.

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Trusts - Compromise Agreement As Means Of Terminating Testamentary Spendthrift Trust Dec 1932

Trusts - Compromise Agreement As Means Of Terminating Testamentary Spendthrift Trust

Michigan Law Review

In Rose v. Southern Michigan National Bank, the Michigan Supreme Court refused to terminate a spendthrift trust composed of both real and personal property, although to end litigation upon the will all the parties in interest had signed a compromise agreement to terminate the trust according to the Michigan statute. There was no objection as to the fairness of the agreement, upon which ground the court might have refused to sanction the compromise under the statute. The decision seems to have been based upon the theory that to give effect to the compromise agreement would defeat the purpose of …

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Constructive Trusts - Land Purchased By Agent In Violation Of Fiduciary Obligation To Principal - Statute Of Frauds Dec 1932

Constructive Trusts - Land Purchased By Agent In Violation Of Fiduciary Obligation To Principal - Statute Of Frauds

Michigan Law Review

Plaintiffs employed defendant to negotiate for the purchase of a certain tract of land, defendant to receive a 5% commission if the purchase was made. Defendant contracted with the owner for the purchase of the land in his own name and made the down payment with his own funds. Plaintiffs demanded an assignment of the contract and on defendant's refusal brought suit to compel a conveyance of the property by defendant as trustee. Held, that a constructive trust may be created where an agent purchases with his own money property which he is employed to purchase for his principal, …

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Distribution Of Extraordinary Dividends Under A Trust, R. W. Maxwell Nov 1932

Distribution Of Extraordinary Dividends Under A Trust, R. W. Maxwell

Washington Law Review

The distribution of extraordinary dividends between the life tenant and the remainderman under a trust created in corporate stock is a problem which has been extremely vexing to the courts with the result that three general rules have been developed. But, regardless of the rule followed, it is universally agreed that the intentions of the testator or trustor should be controlling. The extraordinary dividend is most likely to arise under one of the following circumstances: 1. Where an unusually large dividend is paid out of profits accumulated over a period of years. 2. In cases of total or part liquidation …

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Corporations-Validity Of Default Provisions In Trust Mortgages Nov 1932

Corporations-Validity Of Default Provisions In Trust Mortgages

Michigan Law Review

Ordinarily a secured creditor can take action to protect his claim against his debtor. When, however, the creditor is only one of many whose claims are equal in lien and right, it may be undesirable that any single creditor should be able to take independent action. This fact has led draftsmen to insert in corporate mortgages provisions limiting the rights of minority bondholders to take action in the event of default under the mortgage. The use of such provisions has created an apparent hotbed of judicial dissension.

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Deeds-Acceptance After Death Of Grantor Nov 1932

Deeds-Acceptance After Death Of Grantor

Michigan Law Review

M. H. executed four deeds and delivered them to an attorney to be delivered to the grantees after her death. Two of the deeds contained clauses requiring the grantee to assume a mortgage. The deeds were delivered as directed and were recorded by the grantees after the grantor's death. Held, in Healy v. Stevens, et al, that the acceptance, though after the grantor's death, made the deeds effective.

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Descent And Distribution-Release Of Expectancy-Effect Nov 1932

Descent And Distribution-Release Of Expectancy-Effect

Michigan Law Review

The testator owned an undivided interest in two sections of land. Upon his death the heirs made an agreement whereby five of the children (the plaintiffs) and the widow quitclaimed their interest in the one section to the remaining two children (the defendants) who in return quitclaimed their interest in the other section to the plaintiffs and widow. It was further agreed that, upon her death, the defendants were not to share in the distribution of her interest in the land. In disregard of this agreement, however, the defendants claimed a proportionate interest. It was held, in Heinrich v. …

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Executors And Administrators-Right To Deduct Statute-Barred Debt From Legacy Or Distributive Share Nov 1932

Executors And Administrators-Right To Deduct Statute-Barred Debt From Legacy Or Distributive Share

Michigan Law Review

A contingent legatee made application for an order to compel the executor to pay to her a legacy. The executor claimed the right to deduct a debt due the estate upon which the statute of limitations had run. The court held, in In re Weidig' s Will, that there could be no deduction.

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Precatory Trusts, Howard R. Stinson Jun 1932

Precatory Trusts, Howard R. Stinson

Washington Law Review

The law as to the construction of precatory words is not reducible to a formula which can be made to fit any particular case. In fact, it is hard more than to indicate an inclination or leaning of the courts in deciding such situations. With this preface in mind, we purpose to examine the early line of authorities, the modern trend at large, and the particular cases in Washington. Early English courts raised trusts on mere precatory words. The reason for this rule was perhaps because originally all trusts were at best only of precatory force, and so would most …

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Federal Jurisdiction - Diversity Of Citizenship - Suit Under Death Act Jun 1932

Federal Jurisdiction - Diversity Of Citizenship - Suit Under Death Act

Michigan Law Review

The decedent, a citizen of Oklahoma, died as the result of injuries alleged to have been negligently inflicted by the respondents, citizens of Louisiana. An Oklahoma statute, creating a cause of action for death by wrongful act, requires that the administrator maintain the suit, the proceeds of which are to be divided between the widow and children and are not to be assets of the estate. Okla. Comp. Stat., 1921, secs. 822-825. The petitioner, a citizen of Louisiana, was duly appointed administrator for the obvious purpose of preventing removal of the cause to the federal court on the ground of …

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Wills - Legacies On Impossible Or Illegal Conditions Precedent May 1932

Wills - Legacies On Impossible Or Illegal Conditions Precedent

Michigan Law Review

If a devise of realty be upon a condition subsequent which is impossible of performance or which is illegal as being malum prohibitum, it is generally held that the condition is void, but the devise is free and single. In this respect the law pertaining to legacies upon condition materially agrees with that upon devises of realty. But perhaps one of the most unusual distinctions drawn in the law of property is that which is drawn between an illegal or an impossible condition precedent to a legacy of personalty and an illegal or an impossible condition precedent to a …

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Insane Persons--Receivers, Donald F. Black Apr 1932

Insane Persons--Receivers, Donald F. Black

West Virginia Law Review

No abstract provided.

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