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Articles 3181 - 3210 of 3546

Full-Text Articles in Estates and Trusts

Banks And Banking - Misappropriation Of Trust Funds - Liability Of Bank Apr 1932

Banks And Banking - Misappropriation Of Trust Funds - Liability Of Bank

Michigan Law Review

Committee for incompetent deposited checks payable to him as such committee in the defendant bank to the credit of his individual account. The committee's account was entirely dissipated, but, so far as the facts appear in the opinion, the defendant bank at no time had any knowledge of the use to which the money was put. The committee was removed and the substituted committee sued the defendant bank for aiding the original committee in the diversion of the funds. Held, that it was the duty of the defendant bank to inquire whether the committee had authority to deposit the …

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Bills And Notes - Authority To Fill In Blanks - Effect Of Death Of Maker Apr 1932

Bills And Notes - Authority To Fill In Blanks - Effect Of Death Of Maker

Michigan Law Review

H gave W his note in blank with authority to fill it in at $50,000 when she wished, the note representing W's interest in their joint property. W filled in the blanks after H's death and sued H's estate on the note. Held, the authority to fill in was not revoked by H's death, for it was a power coupled with an interest. In re Ferrara (N. J. 19 3 l) 156 Atl. 265.

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Trusts -- Self-Dealing Of The Trustee -- Right To Look Through The Corporate Entity Apr 1932

Trusts -- Self-Dealing Of The Trustee -- Right To Look Through The Corporate Entity

Michigan Law Review

One Northrop was appointed by the court as guardian, receiving $2,500 which he deposited in defendant bank of which he was the president, the general manager, and of which he was in complete control. Subsequently he exchanged this deposit for a mortgage owned by the bank. The bank became insolvent, and plaintiff, as substituted trustee, brought this action to have a preference adjudged out of the bank's assets in favor of the ward. Held, plaintiff could ignore the mortgage transaction but could only claim as a general creditor of the bank. Ottawa Banking and Trust Co. v. Crookston State …

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Trusts - Tracing Of Assets - Preference Apr 1932

Trusts - Tracing Of Assets - Preference

Michigan Law Review

Public funds were unlawfully deposited in the insolvent bank. At the time the bank closed the cash in its own vault was less than the amount of public funds deposited but it did have, at the time of closing and at all times before, deposits in correspondent banks which, taken with the cash in its own vault, exceeded the amount of the public funds unlawfully deposited. Held, that the unlawful deposit of the public funds, the bank knowing them to be public funds, created a trust of those funds in the hands of the bank, which trust was impressed …

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Wills -Validity Of Contracts To Suppress Mar 1932

Wills -Validity Of Contracts To Suppress

Michigan Law Review

Certain children entered into a contract during the lifetime of their parents, by the terms of which it was agreed that if the will of either parent should favor some of the children above others, the favored children would waive their rights under the will and share equally in the real and personal estate of the parents. The will of the father left the whole estate to the mother. Her will omitted any gift to one of the children, and this suit was brought by an assignee of that child to obtain specific performance of the agreement. Held, that …

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Descent And Distribution - Issue Of Void Miscegenous Marriage As Heirs Under Legitimation Statute Mar 1932

Descent And Distribution - Issue Of Void Miscegenous Marriage As Heirs Under Legitimation Statute

Michigan Law Review

An Indian married a negress in Oklahoma. The proper forms were observed, the parties acted in good faith, and thereafter lived together as husband and wife. Children were born to them. The marriage was absolutely void under an Oklahoma statute prohibiting such miscegenation and making it a felony. On the father's death intestate, the guardian of the children petitioned for letters of administration. Held, that under Okla. Comp. Stat. 1921, sec. I 1303, reading, "The issue of all marriages null in law . . . are legitimate," the children of the void marriage took as heirs, and the petition …

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Future Interests - Devise Of Life Estate With Superadded Power To Sell Fee Mar 1932

Future Interests - Devise Of Life Estate With Superadded Power To Sell Fee

Michigan Law Review

Testator gave his wife a life estate and added, "and I further empower her to sell any and all of either my personal real or mixed estate whenever she may think it to her interest to do so," with a limitation over to his son of whatever property remained of his estate at the time of the widow's death or remarriage. The widow conveyed the estate in fee to her daughter for valuable consideration. On the widow's death the son, as remainderman, brought ejectment against the daughter. Held, that the action did not lie since the widow had been …

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Trusts-Duty Of The Trustee To Sell Stock In A Falling Market Mar 1932

Trusts-Duty Of The Trustee To Sell Stock In A Falling Market

Michigan Law Review

Securities were turned over to defendant as trustee, among which were issues of common stock in two sugar companies, under the direction that the trustees were authorized to continue all investments of the testator without any personal liability in doing so. In the executor's accounting the stocks were valued per share at $22 and $12.25 respectively. In the present accounting, instituted by the beneficiary on becoming entitled to the corpus of the trust estate, the stocks had fallen to $7 and $.50 respectively. The trust company was experienced in the handling of securities and its officers were advised not to …

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Waste - Improvement Of Premises By Life Tenant Mar 1932

Waste - Improvement Of Premises By Life Tenant

Michigan Law Review

The possible difficulties of a life tenant and some of the rigid and anachronistic doctrines of the law of waste are suggested by the recent case of Brokaw v. Fairchild, 135 Mis. 70, 237 N. Y. S. 6 (1929); aff'd 231 App. Div. 704,245 N. Y. S. 402 (1930), Finch, J., dissenting; aff'd, 177 N. E. 186 (1931), without opinion.

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Wills - Pretermitted Heirs Mar 1932

Wills - Pretermitted Heirs

Michigan Law Review

In an action based on section 1550 of the Compiled Laws of 1929 providing that a child omitted from the will of a parent shall share as in intestate succession unless it appears that such omission was intentional, the question arose as to whether this intent could be shown by extrinsic evidence. Held, such evidence is admissible. O'Neall v. Her, 254 Mich. 631, 236 N. W. 890 (1931).

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Trusts--Exercise By Trustee Of Power To Terminate After Period Of Good Behavior By Spendthrift, Henry P. Snyder Feb 1932

Trusts--Exercise By Trustee Of Power To Terminate After Period Of Good Behavior By Spendthrift, Henry P. Snyder

West Virginia Law Review

No abstract provided.

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The Rule Of Perpetuities And Powers Of Sale, Frederick G. Hamley Feb 1932

The Rule Of Perpetuities And Powers Of Sale, Frederick G. Hamley

Washington Law Review

The rule against perpetuities is usually stated as prohibiting the creation of future interests or estates, which by possibility may not become vested within a life or lives in being and twenty-one years, together with the period of gestation, where the latter is necessary to cover cases of posthumous birth. It is not enough that the estate may possibly or even probably vest within the time limited by the rule, but the court must be able to see by looking at the document creating the estate that the estate will necessarily vest within the time. The Rule against Perpetuities applies …

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Wills-Competency To Attest-Competency Of Spouses Feb 1932

Wills-Competency To Attest-Competency Of Spouses

Indiana Law Journal

No abstract provided.

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Gifts Causa Mortis - Contemplation Of Suicide Feb 1932

Gifts Causa Mortis - Contemplation Of Suicide

Michigan Law Review

The testator, suffering from melancholia and contemplating suicide, purchased a certificate of stock in the name of his brother and caused it to be deposited in a bank by the latter. Over two months thereafter, the testator stated, in effect, that in the event of his death the certificate should become the brother's property. Held, in affirming the allowance of the final account of the executor, that the transfer of the certificate was a valid gift causa mortis. In re Van Wormer's Estate, 255 Mich. 399, 238 N.W. 210 (1931).

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Trusts -Tracing Of Assets - Preference Jan 1932

Trusts -Tracing Of Assets - Preference

Michigan Law Review

In State ex rel Sorenson v. Farmers' State Bank of Polk (Lindquist, Intervenor) the beneficiary of a trust fund converted by the bank, subsequently becoming insolvent, was allowed to resort to equity and recover the trust fund as a preferred claim against the general assets of the bank. The beneficiary deposited a promissory note in the sum of $4,500 in the bank for a special purpose and the bank, without authority, indistinguishably mingled the proceeds of this note with the general mass of bank assets. The amount of actual cash on hand when the insolvent bank was taken over by …

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Transfer Of Future Interests, W. Lewis Roberts Jan 1932

Transfer Of Future Interests, W. Lewis Roberts

Michigan Law Review

In considering to what extent future interests are transferable in this country it is proposed to limit the investigation to those future interests known as contingent remainders, executory devises, and defeasible vested remainders. It has not been deemed necessary to consider vested remainders as they have long been treated by the law in much the same way as present estates have been as far as alienation is concerned.

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Equity - Power To Rescind Conveyance For Fraud - Survival Jan 1932

Equity - Power To Rescind Conveyance For Fraud - Survival

Michigan Law Review

When a party has been induced by fraud to make a conveyance of real estate, he has a choice of remedies against the defrauding grantee. He may seek restitution of the land or its proceeds in equity or at law on a theory of rescission, or he may affirm the transaction and bring an action for the recovery of damages for the deceit. The actions being logically inconsistent, the granter is not allowed to proceed in both, and must elect whether he will have his property returned to him in specie on his restitution of the price received from the …

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Wills-Status Of Illegitimates Under Bequest To Children Jan 1932

Wills-Status Of Illegitimates Under Bequest To Children

Michigan Law Review

The testator devised $5,000 to "the children of my deceased sister B, to be divided equally among those living at my death, including the child or children of a deceased child by right of representation." B had one child who predeceased the testator, leaving two illegitimate children, the complainants. Held, the illegitimates can take, providing they can show that the testator knew that they were the only surviving offspring, at the time the will was made. In re Kauffer's will, (Wis. 1931) 234 N.W. 502.

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Torts - Fraud - Spoliation Of Will Jan 1932

Torts - Fraud - Spoliation Of Will

Michigan Law Review

In a suit in tort for damages, plaintiff alleged that defendant, heir-at-law of the decedent, suppressed a genuine will under which the plaintiff was devisee, and forged and fraudulently probated a will which did not contain the devise to the plaintiff who remained in ignorance of both the fraud and the existence of the genuine will for more than twenty years. The defendant demurred. Held, that the plaintiff has a cause of action in tort. Morton v. Pettit, 38 Ohio App. 348, 176 N.E. 494 (1930), aff'd., (Ohio 1931) 177 N.E. 591.

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The Transfer Of Future Interests In Kentucky, W. Lewis Roberts Jan 1932

The Transfer Of Future Interests In Kentucky, W. Lewis Roberts

Kentucky Law Journal

No abstract provided.

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Resulting And Constructive Trusts In Kentucky, Alvin E. Evans Jan 1932

Resulting And Constructive Trusts In Kentucky, Alvin E. Evans

Kentucky Law Journal

No abstract provided.

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Insurance--Right Of Beneficiary Who Has Caused Death Of Insured To Share In Proceeds Of Insurance Policy, James C. Lyne Jan 1932

Insurance--Right Of Beneficiary Who Has Caused Death Of Insured To Share In Proceeds Of Insurance Policy, James C. Lyne

Kentucky Law Journal

No abstract provided.

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Trusts - Statute Of Frauds - Part Performance Of Oral Trusts, Mark H. Harrington Dec 1931

Trusts - Statute Of Frauds - Part Performance Of Oral Trusts, Mark H. Harrington

Michigan Law Review

In some jurisdictions, where some equivalent to the seventh section of the English Statute of Frauds has not been enacted, an oral trust of land is enforceable. In others, it is held that the provisions requiring a writing in the case of conveyances of and contracts concerning interests in land forbid oral trusts of land. It is clear, however, that when the statute of frauds in force contains a provision requiring express trusts to be created or evidenced by writing, an oral agreement between grantor and grantee that the property conveyed should be held in trust can not be enforced …

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Trusts - "Active" Trusts Dec 1931

Trusts - "Active" Trusts

Michigan Law Review

A will gave the residue of the testator's realty and personalty to his wife for life, with power to draw on so much of the principal for her support as she and Rubie Tracy should deem necessary. In a later clause, the testator recited his desire that his wife "have assistance in taking care of the property hereinabove bequeathed and devised to her," and appointed Rubie Tracy, testator's wife, and a third person to be trustees for the wife of whatever she received under the will. Held, an active trust. Bunker v. Bunker et al. (Me. 1931) 154 …

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Recent Legislation Concerning Decedents' Estates, C. V. Mcadams Nov 1931

Recent Legislation Concerning Decedents' Estates, C. V. Mcadams

Indiana Law Journal

No abstract provided.

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Real Property-Future Interests-Rights Of Unborn Child Nov 1931

Real Property-Future Interests-Rights Of Unborn Child

Indiana Law Journal

No abstract provided.

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Wills - Executor's Right To Deduct From A Legacy A Debt Due The Estate But Barred By The Statute Of Limitations Nov 1931

Wills - Executor's Right To Deduct From A Legacy A Debt Due The Estate But Barred By The Statute Of Limitations

Michigan Law Review

The decedent left his estate, by will, equally to several persons, one of whom had owed to the testator a debt which was now barred by the statute of limitations so that the executor could not collect it by suit. The executor claimed a right to collect this debt by deducting it from the share of the personal property of the estate given the debtor. The court held that the debt, though barred by the statute of limitations, was still in fairness and good conscience due to the estate and that the executor might deduct it from the share given …

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Can An Estate Tail Be Docked During Life Of First Taker?, Ben Ely Jr. Sep 1931

Can An Estate Tail Be Docked During Life Of First Taker?, Ben Ely Jr.

University of Missouri Bulletin Law Series

It frequently happens that, where land has been granted to one and the heirs of his body, thus creating an estate tail which the Missouri statute turns into a life estate in the first taker with remainder to those persons who would next have taken the estate tail "according to the course of the common law", it is desired to convey the entire fee during the life of the first tenant. Thus where entailed lands are desired for the erection of some public work, or in the consummation of some other enterprise of general importance, it is necessary that the …

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Estates--Effect Of Power In Life Tenant To Make Absolute Disposition Of Property--Governing Statute, James W. Simonton Jun 1931

Estates--Effect Of Power In Life Tenant To Make Absolute Disposition Of Property--Governing Statute, James W. Simonton

West Virginia Law Review

No abstract provided.

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Executors And Administrators--Right Of Consolidated Bank To Qualify As Executor, Bernard Sclove Jun 1931

Executors And Administrators--Right Of Consolidated Bank To Qualify As Executor, Bernard Sclove

West Virginia Law Review

No abstract provided.

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