Anthony v. Camden Safe Deposit & Trust Co.

Decision Date15 April 1930
Citation149 A. 822
PartiesANTHONY et al v. CAMDEN SAFE DEPOSIT & TRUST CO.
CourtNew Jersey Court of Chancery

Syllabus by the Court.

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 construed 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.

Syllabus by the Court.

A release from the donee of the precedent estate to the trustee held to be operative to terminate it and accelerate distribution.

Suit by Sallie Anthony and others against the Camden Safe Deposit & Trust Company, trustee, for purpose of securing payment of balance of trust fund.

Distribution advised pursuant to prayer of bill.

Curry & Purnell, of Camden, for complainants.

George Reynolds, of Camden, for defendant.

LEAMING, Vice Chancellor.

By the will of Joseph H. Derhamer, deceased, certain property was given to Camden Safe Deposit & 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. Cory to pay the remainder of the trust fund to complainants herein. Emma M. Cory 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.

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. Cory, 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 language of the will is that "at the death of my said sister-in-law, Emma M. Cory, I direct my said trustee * * * to further pay over, transfer and deliver the balance of...

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18 cases
  • St. Louis Union Trust Co. v. Kern
    • United States
    • Missouri Supreme Court
    • 18 Julio 1940
    ...Lainson v. Lainson, 18 Beav. 1, 52 Eng. Rep. 1; Jull v. Jacobs, L. R. 3 Ch. Div. 703, 181 Moak's, 775; Anthony v. Camden Safe Deposit & Trust Co., 106 N.J.Eq. 41, 149 A. 822; Union Co. v. Rossi, 180 Ark. 552, 22 S.W.2d 370; Parker v. Ross, 69 N.H. 213, 45 A. 576; Randall v. Randall, 85 Md. ......
  • Simpkins v. Simpkins
    • United States
    • New Jersey Court of Chancery
    • 2 Marzo 1942
    ...executed and presented by Mrs. Simpkins to the trustee terminated her beneficial life interest in the trust. Anthony v. Camden Safe, etc. Co., 106 N.J.Eq. 41, 149 A. 822; Bennett v. Fidelity Union Trust Co., 123 N.J.Eq. 198, 196 A. 375. The release here in evidence is apparently in form and......
  • Singleton v. Gordon, 2254
    • United States
    • Wyoming Supreme Court
    • 21 Diciembre 1943
    ... ... a conveyance, without creating a trust, limits a life ... interest, or an interest for years, or ... Trust Company, 123 N.J. Eq. 198, 196 A. 375; Anthony ... v. Camden Safe Deposit & Trust Co., 106 N.J. Eq. 41, ... ...
  • Ajax Electrothermic Corp. v. First Nat. Bank of Princeton
    • United States
    • New Jersey Supreme Court
    • 7 Mayo 1951
    ...61 N.J.Eq. 226, 47 A. 811 (Ch.1901), affirmed o.b., 64 N.J.Eq. 374, 55 A. 1132 (E. & A.1902); Anthony v. Camden Safe, Deposit & Trust Co., 106 N.J.Eq. 41, 42--43, 149 A. 822 (Ch.1930); Carter v. Martin, 122 N.J.Eq. 262, 270--271, 193 A. 704 (Ch.1937); Bennett v. Fidelity Union Trust Co., 12......
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