Anthony v. Camden Safe Deposit & Trust Co.
Decision Date | 15 April 1930 |
Citation | 149 A. 822 |
Parties | ANTHONY et al v. CAMDEN SAFE DEPOSIT & TRUST CO. |
Court | New 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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