Bacon v. Cent. Bank &. Trust Corp., 9083

• Decision Date: 02 March 1933
• Docket Number: No. 9083,9083
• Citation: 168 S.E. 776,176 Ga. 683
• Court: Georgia Supreme Court
• Parties: BACON . v. CENTRAL BANK &. TRUST CORPORATION et al.

176 Ga. 683

168 S.E. 776

BACON .

v.CENTRAL BANK &. TRUST CORPORATION et al.

No. 9083

Supreme Court of Georgia.

March 2, 1933.

.

Syllabus by Editorial Staff.

RUSSELL,, C. J., dissenting.

Error from Superior Court, Dougherty County: B. C. Gardner, Judge.

Petition by the Central Bank & Trust Corporation, as executor and trustee under the will of Mrs. Carolyne H. Holford, against Mrs. Dorothy Barnes Bacon and others. To review the judgment, named defendant brings error.

Affirmed.

Central Bank & Trust Corporation, as executor and as trustee under the will of Mrs. Carolyne H. Holford, brought a petition against (1) Mrs. M. R. Bacon, (2) Mrs. Dorothy Barnes Bacon, the widow of Milton R. Bacon, individually and as administratrix of the estate of her husband, (3) Mrs. Carolyne Tar-ver, (4) any child who might be posthumously born to Milton R. Bacon, deceased, and (5) any and all persons who might claim any interest or right of title under the will of of Mrs. Holford. Item 10 of the will was as follows: "I hereby give, devise, and bequeath to the Central Bank & Trust Corporation of Fulton County, Georgia, all of the rest and residue of my estate, both real and personal, not specifically hereinbefore devised, said property to be held in trust by said trustee and invested and managed by It in its discretion so as to produce the best income consistent with perfect safety. I direct that out of the income so received the trustee shall pay to Mrs. M. R. Bacon $25 per month during her life or widowhood. The rest of the income coming into the hands of said trustee shall be used by it to pay the necessary expenses incurred by my grandson, Milton R. Bacon, in obtaining a thorough education at such high schools, academies, colleges, or universities as he, under the direction of his mother and grandparents, may decide to attend; and in addition to paying the expenses at said educational institutions, said trustee is authorized and instructed to allow him as spending money, provided the income of the said estate is sufficient, such amount each month as in the opinion of said trustee is usual or customary for other boys coming from families of like standing and situation. After my grandson shall have become twenty-one years of age he shall be entitled to receive from the said trustee the entire net income of said estate until he reaches the age of twenty-five years, at which time, if he be then in life, I give and devise to him one half of the corpus of said estate, to be turned over to him at that time by said trustee. He shall also be entitled to receive from the said trustee the entire income from the other one half of the said estate until he reaches the age of thirty years, at which time, if he should live until that age, I give and devise to him the corpus of the other one half of said estate, which shall be fumed over to him at that time by said trustee. In the event my said grandson should not live to be thirty years of age, then the entire corpus of said estate in the hands of said trustee, if the death of my said grandson takes place before he is twenty-five years of age, or one half thereof if it takes place after he is twenty-five years of age, shall go to and become the property of the children or descendants of children of my said grandson, if any there be; and in the event my said grandson? should die without children or descendants of children surviving him, then and in that event the corpus of said estate shall go to and become the property of Carolyne Tarver.'-' Under item 10 of the will, up to and including the 1st of September, 1931, petitioner has paid to Mrs. M. R. Bacon, the mother of Milton R. Bacon, $25 per month, but since that date it has made no...