149 A. 822 (N.J.Super.Ch. 1930), Anthony v. Camden Safe Deposit and Trust Company
|Citation:||149 A. 822, 106 N.J.Eq. 41|
|Opinion Judge:||LEAMING, V. C.|
|Party Name:||SALLIE ANTHONY et al., complainants, v. CAMDEN SAFE DEPOSIT AND TRUST COMPANY, trustee, &c., defendant|
|Attorney:||Messrs. Curry & Purnell, for the complainant. Mr. George Reynolds, for the defendant.|
|Case Date:||April 11, 1930|
|Court:||Superior Court of New Jersey|
On final hearing on bill for immediate distribution.
1. A provision in a will directing a trustee periodically to make payments from a trust fund to a person during her life and at her death to pay the corpus of the fund to other specified persons, will be contrued as directing distribution at the termination of the precedent estate, in the absence of some controlling equity or an express or clearly implied provision in the will to the contrary; accordingly distribution to vested remaindermen will be accelerated by the termination of the precedent estate by any event which removes it out of the way.
2. A release from the donee of the precedent estate to the trustee held to be operative to terminate it and accelerate distribution.
By the will of Joseph H. Derhamer, deceased, certain property was given to Camden Safe Deposit and Trust Company in trust to invest and pay to Emma M. Cory a certain amount monthly from either the income or principal, and at the death of Emma M. Corey to pay the remainder of the trust fund to complainants herein. Emma M. Corey has received the specified monthly payments up to this time and has now executed a release to defendant trust company whereby she exonerates that company from making further payments to her, and the remaindermen -- complainants herein -- now seek payment of the balance of the trust fund to them.
[106 N.J.Eq. 42] The single controversy is whether the release, terminating the trust duties to the life beneficiary, is operative to accelerate the distribution.
In this inquiry, as in other matters of testamentary administration, the intent of the testator must be ascertained and effect given to that intent. The specific inquiry in this class of cases is whether testator intended that distribution to the remaindermen should not be made in any event until the death of Emma M. Corey, the particular tenant, or intended that in the event of the particular estate's being in any way terminated before that time distribution should be accelerated. The...
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