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Articles 3241 - 3270 of 3546

Full-Text Articles in Estates and Trusts

Failed Banks, Collection Items, And Trust Preferences, George Gleason Bogert Mar 1931

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 …

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Trusts - Cancellation - Beneficiaries As Necessary Parties Mar 1931

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.

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Trusts-Gift Direct To Unincorporated Society-Charities Mar 1931

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.

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Perpetuities-Payment Of Corpus When Youngest Grandchild Reaches 25-Vested Or Contingent Mar 1931

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.

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Wills-Legacy On Condition Precedent Impossible Due To Operation Of Law Mar 1931

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 …

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Partition Where Life Estates And Remainders Are Involved, Earl F. Nelson Feb 1931

Partition Where Life Estates And Remainders Are Involved, Earl F. Nelson

University of Missouri Bulletin Law Series

In the University of Missouri Bulletin (Law Series No. 14) Professor Manly Hudson considered the decided cases and very clearly and concisely summarized the law as then declared by the Supreme Court. Professor Hudson expressly states that "the last word" has not been spoken concerning the partition of remainders and it is believed that subsequent decisions require some modifying and supplementing of the conclusions stated by Professor Hudson in his article, and it is now endeavored to group all the cases for citation and discussion under what are deemed the applicable propositions of law.

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Deeds Of Trust--Suit By Trustee To Cancel The Trust Deed, A. William Petroplus Feb 1931

Deeds Of Trust--Suit By Trustee To Cancel The Trust Deed, A. William Petroplus

West Virginia Law Review

No abstract provided.

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Trusts-Devices For Defeating Rights Of Creditors Feb 1931

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.

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Wills-Presentation Of Claims Feb 1931

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 …

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Trusts-Right Of Trustee To Reimbursement For Tort Liability Feb 1931

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 …

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Corporations-What Amounts To Practice Of Law-Solution Of The Difficulty By Agreements Feb 1931

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.

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Powers-Wills-Exercise By Will Of Special Power Subsequently Conferred Jan 1931

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.

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Testamentary Dispositions, Percy Bordwell Jan 1931

Testamentary Dispositions, Percy Bordwell

Kentucky Law Journal

No abstract provided.

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Jurisdiction For The Purpose Of Imposing Inheritance Taxes, David R. Mason Jan 1931

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.

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Trust Estates To Accumulate Income Jan 1931

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 …

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Trusts-Effect Of Exculpatory Clauses In Trust Indentures Jan 1931

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.

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Taxation-Jurisdiction To Tax Intangibles-Business Situs Jan 1931

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 …

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Trusts-Perpetuities-Trust To Maintain Testator's Grave Jan 1931

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.

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Wills-Construction-Right Of Adopted Child To Take Under Provision For Children Of Adoptive Parext Jan 1931

Wills-Construction-Right Of Adopted Child To Take Under Provision For Children Of Adoptive Parext

Michigan Law Review

The trustee under the will sued for a construction of a clause providing for a gift to testator's children. The dispute was between the natural children of the testator and an adopted daughter, who claimed under the clause as one of the "children," though a prior clause gave her $1, naming her as testator's adopted daughter. The Rhode Island statute provided that adopted children be deemed for inheritance purposes the same as if natural children. The court held that the adopted daughter did not take with the natural children under the clause in question. Union Trust Co. v. Campi (R. …

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Wills-Devise-When Cut Down By Later Clause Jan 1931

Wills-Devise-When Cut Down By Later Clause

Michigan Law Review

Both parties to this ejectment suit relied for title on testatrix's will. By one clause, in general words it gave away all of her property real and personal; by a subsequent clause, all the estate unused or not required for the support of the first taker was given over. Held, that the first taker got only a life estate with power to consume, for the intent of testator is predominant over a statute creating a fee from a general gift. Chesnut v. Chesnut (Pa. 1930) 151 Atl. 339.

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Wills-Joint And Mutual-Disposal By Survivor Jan 1931

Wills-Joint And Mutual-Disposal By Survivor

Michigan Law Review

H and W made a joint and mutual will, devising to the survivor a life interest in the joint property with certain absolute remainders over, and containing an agreement not to revoke without mutual consent. W died; her will was proved and H took the income for his life. When he died, a subsequent will was proved with provisions inconsistent with the joint will. Some of the legatees having died after W but before H, the question of distribution was before the court. Held, since H was bound by his agreement not to revoke, he held the property on …

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Contracts-Right Of A Third Party Beneficiary Jan 1931

Contracts-Right Of A Third Party Beneficiary

Michigan Law Review

Husband and wife agreed with each other to make mutual wills which would leave one-third of the estate of the survivor in equal portions to seven relatives, four of whom were the mother and three sisters of the husband and the remaining three, a niece and two sisters of the wife. After the husband's death the wife made another will, revoking the former one and providing for a different distribution of her property. After her death the mother and three sisters of the deceased husband filed a bill for the specific performance of the contract to make mutual wills. Held …

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Survival Of Claims For And Against Executors And Administrators, Alvin E. Evans Jan 1931

Survival Of Claims For And Against Executors And Administrators, Alvin E. Evans

Kentucky Law Journal

No abstract provided.

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Power Of A Life Tenant To Dispose Of A Fee, Walter L. Summers Dec 1930

Power Of A Life Tenant To Dispose Of A Fee, Walter L. Summers

Indiana Law Journal

No abstract provided.

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Parent And Child-Legitimation-Statutory Construction Dec 1930

Parent And Child-Legitimation-Statutory Construction

Michigan Law Review

J W, a resident of Oklahoma, died leaving an estate consisting of property entirely within that state. Plaintiff, an illegitimate child of J W, claimed as heir. Plaintiff was born in Kansas where both her parents were then domiciled. J W while still a resident of Kansas recognized plaintiff as his daughter. Plaintiff claimed that by virtue of this recognition and a Kansas statute allowing illegitimates to inherit from the father whenever he had recognized them as his children, that she had been legitimated in Kansas and was therefore entitled to a share of J W's estate. Held, that …

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Wills-Loose Sheets As A Will Dec 1930

Wills-Loose Sheets As A Will

Michigan Law Review

Testatrix's will contained twenty-eight sheets of correspondence paper, each complete in itself and not physically bound together. When presented for probate, the last sheet held only an attestation clause and the signatures of testatrix and witnesses; each of the others was, signed by testatrix; and the whole group were consecutively numbered. The attesting witnesses, employed at the bank with which testatrix did business, identified the writing on all twenty-eight sheets as that of testatrix, but could not say that these very sheets were present when the last was executed. They testified there was a bundle of similar sheets, and one …

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Probate Law Directory Dec 1930

Probate Law Directory

Michigan Law Review

A Review of PROBATE LAW DIRECTORY By J. C. Fisher.

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Business Trusts-Limited Liability Of Members Nov 1930

Business Trusts-Limited Liability Of Members

Michigan Law Review

The defendant company, established as a business trust, contracted a debt with the plaintiff who had full knowledge of a stipulation in the declaration of trust under which the defendant was organized limiting the liability of its members. He now attempts to hold the members to a personal and unlimited liability. Held, that although the court will not decide as to the legality of this so-called business trust, yet the plaintiff can not hold the defendant members to a liability as individuals since in dealing with the organization he had full knowledge of the intent of the members to …

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Limitation Of Actions-Effect Of Fraudulent Concealment Nov 1930

Limitation Of Actions-Effect Of Fraudulent Concealment

Michigan Law Review

Plaintiff sued in equity for a money judgment on defendant's promissory notes. Defendant had fraudulently represented that her husband's estate was liable on these notes, inducing plaintiff to sue the estate and thus delay for more than six years in starting suit against defendant. Plaintiff had sued defendant at law on the notes, defendant had pleaded the statute of limitations, and plaintiff had discontinued. Held, that plaintiff could recover a money judgment in equity, since the remedy at law was barred by the statute of limitations. Dodds v. McColgan (N. Y. App. Div., 1930) 241 N. Y. S. 584.

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Taxation Inheritance-Computation Of Gain On Property Acquired From Estate-Date Of Acquisition Nov 1930

Taxation Inheritance-Computation Of Gain On Property Acquired From Estate-Date Of Acquisition

Michigan Law Review

Plaintiff was residuary legatee under the will of his father who died in 1918. The estate was administered and closed in 1920 and certain stocks and bonds were then delivered to plaintiff. Subsequently he sold the securities and in making his federal income tax return he computed his gain on the basis of 1920 values which were higher than the 1918 values. The Revenue Act of 1921 sec. 202 (a) (3), 213 provides that for the purpose of determining profit or loss from sale of property acquired by bequest, devise or descent since Feb. 28, 1913, the basis "shall he …

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