New Jersey Equity Reports Volume 19

New Jersey Equity Reports Volume 19

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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. 1869 edition. Excerpt: ...and agreed not to exercise the same. And in that agreement, each party requested the executors to pay to the other party the share so agreed upon, and agreed to execute to them all proper releases and discharges. l By an act of the legislature, approved April 10th, 1868, reciting this agreement of settlement, it was confirmed and established, and the powers of appointment in the will were declared to be ended and determined, and the executors were "authorized to carry out and effect the settlement. The executors, not being satisfied that they were authorized to yield up the trust property on the strength of this settlement, even when confirmed by the legislature, declined to pay over the trust funds. This suit is brought to compel such payment by them. The executors contend that the powers of appointment are valid, and cannot be surrendered or released by Mrs. Thomson; and that it is beyond the power of the legislature to give validity to an agreement which disposes of the property, contrary to the provisions of the will, and the rules of law which give effect to those provisions. The complainants contend that the power of appointment to benevolent, religious, or charitable institutions, is void, and that the other appointees have power to surrender also, that the power to appoint is a power in gross, and that Mrs. Thomson, at whose option it must be exercised, can now determine that option and release or surrender it. And even if this could not be done by the law as it stood, that the act of the legislature gives it validity. First, as' to the validity of the power. This depends upon the doctrine of charitable uses, and its application to this case. The Court of Chancery has, for many years, compelled the performance of gifts and...
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Product details

  • Paperback | 200 pages
  • 189 x 246 x 11mm | 367g
  • United States
  • English
  • black & white illustrations
  • 1236943341
  • 9781236943347