Bankers Trust Co. v. Pearson

• Decision Date: 13 August 1953
• Citation: 140 Conn. 332,99 A.2d 224
• Court: Connecticut Supreme Court
• Parties: BANKERS TRUST CO. et al. v. PEARSON et al. In re PEARSON'S ESTATE. Supreme Court of Errors of Connecticut

Page 224

99 A.2d 224

140 Conn. 332

BANKERS TRUST CO. et al. v. PEARSON et al.

In re PEARSON'S ESTATE.

Supreme Court of Errors of Connecticut.

Aug. 13, 1953.

William H. Timbers, New York City, with whom, on the brief, was Francis P. Schiaroli, Stamford, for plaintiffs.

Charles M. Lyman, New Haven, with whom were Joseph C. Hogan, of the New York bar, New York City, and, on the brief, Spencer S. Hoyt, New Haven, for named defendant.

Richard H. Bowerman, New Haven, with whom, on the brief, was Mary E. Manchester, New Haven, for defendants Julia P. Hunt and others.

Arthur L. Shipman, Hartford, for defendant Annabelle W. Pearson.

Samuel H. Platcow, New Haven, pro se, guardian ad litem for the defendants Ann H. Pearson and others.

J. Stephen Knight, New Haven, with whom, on the brief, was Max H. Schwartz, New Haven, for J. Stephen Knight, guardian ad litem for the defendants Merrill Hunt and others.

David L. Daggett, New Haven, pro se, guardian ad litem for the defendants Anne Warner and others.

Joseph L. Melvin, Stamford, for defendant Cornell University.

Before BROWN, C. J., and BALDWIN, INGLIS, O'SULLIVAN and CORNELL, JJ.

INGLIS, Associate Justice.

This reservation calls for the interpretation of the will of Edward J. Pearson, late of New Haven. The following facts have been stipulated: The testator died on December 7, 1928, leaving a will which had been executed on October 20 of the same year. Surviving were his widow Gertrude S. Pearson; his only son, Harlow S. Pearson; his mother, Lucy Pearson; his brother, Raymond A. Pearson; his two sisters, Anne P. Warner and Julia Pearson Hunt; his brother-in-law, William F. Hunt; and certain children of his brother and sisters. Further details of the family tree will be set forth later in the opinion in connection with the discussion of the specific questions to which they are relevant. The testator's mother died May 19, 1929. His brother Raymond died February 13, 1939, and his brother-in-law, William F. Hunt, April 13, 1951. The testator's widow, Gertrude, died June 2, 1951. All the abovementioned persons who are now alive, together with Harlow S. Pearson's wife and children, all the living children of the testator's siblings, and their children and grandchildren, born and to be born, are parties defendant in this action.

By his will, the testator, after making various specific and pecuniary bequests, disposed of the rest, residue and remainder of his estate in the seventh article. The provisions of this article give rise to most of the questions propounded on the reservation. The article reads as follows (the numbering of the subsidiary paragraphs having been added for easier reference):

'Seventh: All the rest, residue and remainder of my estate, both real and personal, of whatsoever the same may consist and wherever the same may be situated, I give, bequeath and devise to my trustees hereinafter named, in trust nevertheless, to invest, reinvest and keep invested, and to collect, recover and receive the rents, issues, interest, income and profits thereof, and after deducting the agreedupon or legal fees, expenses of administration and taxes to pay the net income of said residuary estate in monthly installments if practicable, but not less frequently than quarterly, as follows:

' To my wife during her life, two-thirds of the net income of said residuary estate, and an additional one-sixth of the net income of said residuary estate, after the death of my son and his wife, if he should marry and leave no issue.

' I authorize and empower my wife to dispose of by her last will, and I direct said trustees to convey, assign, transfer and deliver to such persons and in such manner and proportions as she shall designate by her last will, one-third of the net income of the said residuary estate, or one-third of the principal thereof.

' I further authorize and empower my wife to take and have, and I direct said trustees to convey, assign, transfer and deliver to her at any time she may so elect, not to exceed one-third of the principal of said residuary estate, upon condition, however, that the residuary estate from which she shall be entitled to income and the residuary estate which she is empowered to dispose of under preceding paragraphs, shall thereby be reduced by an amount equivalent to the proportion taken by her under this paragraph.

' In case my wife shall die before me, or surviving me shall die intestate, I direct said trustees to convey, assign, transfer and deliver one-third of the principal of said residuary estate to her heirs at law.

' To my son during his life, and during the life of my wife, one-sixth of the net income of said residuary estate, and upon the death of my wife and thereafter, one-third of the net income of said residuary estate.

' If my son marries and is survived only by his wife, I authorize and empower my son to dispose of by his will during the life of his wife, and I direct said trustees to pay to such persons and in such proportions as my son shall thus designate in his will, the income to which he would be entitled under the next preceding paragraph if living, and should he die intestate, I direct said trustees to pay such income to his wife during her life. Should my son be survived by a wife and/or a child or children, I direct said trustees to pay the income which my son, if living, would be entitled to under said preceding paragraph, to his wife during her life, and upon her death to his children, share and share alike. I authorize and empower my son, in case issue only survive him to dispose of by his will to such issue, one-sixth of the principal of said residuary estate during the life of my wife and one-third thereof upon her death, upon condition, however, that the principal of any child's share shall not be distributed until such child reaches the age of twenty-five years, and I direct said trustees to pay over the income only, of the share of each such beneficiary as my son shall thus designate in his will, until such child shall reach the age of twenty-five years, and thereupon to convey, assign, transfer and deliver the principal of said share to such beneficiary. Should my son die intestate leaving issue only surviving him, I direct said trustees to pay the income to which my son would be entitled if living, to such issue in equal shares until each shall reach the age of twenty-five years, and as each of such children shall reach the age of twenty-five years, I direct said trustees to convey, assign, transfer and deliver to such child its proportionate share of one-sixth of the principal of said residuary estate during the life of my wife, and one-third thereof upon her death; the heirs of any deceased child of my son to take the share of such deceased parent.

' I direct my trustees to pay to my mother, during the life of my wife, one-sixth of the net income of said residuary estate. Upon the death of my wife, I direct said trustees to pay one-third of said net income to my mother.

' Upon the death of my mother, I direct said trustees to pay the net income of said residuary estate to which my mother is entitled at the time of her death, and in addition, upon the death of my wife, or thereafter, any and all other net income undisposed of by the terms of this will, in the following proportions, to wit, one-fourth to my brother Raymond, one-fourth to my sister Anne, and one-half to my sister Julia, and, upon the death of my sister Julia, one-third each to my brother Raymond and my sister Anne, and one-sixth to William F. Hunt, husband of my sister Julia in case she shall appoint him such beneficiary in her last will, and one-sixth to Pearson Hunt, her son, but in default of such appointment, said aggregate one-third share shall be paid to the issue of my sister Julia until the death of the survivor of my sister and brother.

' Upon the death of my brother, or of my sister Anne, survived by the other, I direct said trustees to pay the income to which such deceased brother or sister was entitled, to the issue of such deceased parent, share and share alike, until the death of the survivor of my sisters and brother.

' Upon the death of the survivor of my sisters and brother, I direct said trustees to pay the total aggregate net income to which my sisters and brother would have been entitled if living, to the children, then surviving, of my sisters and brother, per capita and not per stirpes, share and share alike, and, in the event of and upon the death of each of said children who is then a beneficiary under this will, I direct and empower my trustees in each such event, to convey, assign, transfer and deliver sixty-five per cent. of all that share of the principal of said residuary estate from which such child was entitled to receive net income, to such beneficiary or beneficiaries as such child may designate in its last will, and if such child shall die intestate, then to its legal heirs, and I direct said trustees to convey, assign, transfer and deliver the remaining thirty-five per cent. of said share to Cornell University, located at Ithaca, in the State of New York to be applied and disbursed for the purposes and uses of said University as the Trustees of said University in their discretion shall deem best, provided, however, that the first $5,000 accumulated from payments into said fund, shall be set aside by the Trustees of said University, and forever constitute a permanent fund to be invested and reinvested, the income of which shall be known as the Edward J. Pearson '83 Civil Engineering Prize, and in accordance with arrangements to be made by the Civil Engineering Faculty shall be awarded annually during the Spring Term of said University to that student in the Junior Class in the College of Civil Engineering of which I was a student, of said University, who shall be selected by his classmates and professors, each group having equal voting power, as best representing with equal...