The American Lawyer Volume 16

The American Lawyer Volume 16

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1908 edition. Excerpt: ... the right to exercise his own judgment, in a situation where personal confidence was an element entering into the original selection of a manager of a trust-fund or estate. As a result of the situation the trustee joined with the beneficiary and requested the court to construe the will and advise the trustee of the proper course to pursue. This practice is in accordance with the powers and usage of the court, as the successor to the Chancellor 's Court of the old English practice. In answer to this request the court expressed its regret that in a deserving case such as appeared from the facts before it, no direction could be made that payments should be drawn from the corpus of the trust. The repose of this power to manage the trust was expressive of the t.estatrix's confidence in the personal judgment and discretion of the person named as trustee. She referred to him as her "friend" and it additions to her income out of the principal would promote it, and it was upon him that she depended to preserve her residuary estate intact, excepting so far as the reasonable needs of the beneficiaries demanded an encroachment. The scheme of the will forbids any extension by implication to others of the power given to the executor and trustee. Since the power which the testatrix had in the trustee might not at all apply to the person who succeeded him, the court held that the rule delegatus non potest delega-re applied, and that such highly personal rights could not be transferred to strangers. It was accordingly the decision of the court in this case, that the plaintiff must confine herself to the income, and cannot receive any part of the original invest ment, which would go to the persons named by the testatrix, at a later...show more

Product details

  • Paperback | 140 pages
  • 189 x 246 x 8mm | 263g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236755820
  • 9781236755827