Blinn v. Gillett

• Court: Illinois Supreme Court
• Writing for the Court: HAND
• Citation: Blinn v. Gillett, 208 Ill. 473, 70 N. E. 704 (Ill. 1904)
• Decision Date: 20 April 1904
• Parties: BLINN et al. v. GILLETT et al.

208 Ill. 473

70 N.E. 704

BLINN et al.

v.GILLETT et al.

Supreme Court of Illinois.

April 20, 1904.

Appeal from Appellate Court, Third District.

Suit by Jessie D. Gillett, as administrator de bonis non with the will annexed of the estate of John D. Gillett, deceased, to obtain a construction of the will. From the decree Edward D. Blinn, as successor to Inez M. Gillett, as administratrix of the estate of John P. Gillett, deceased, and others, appealed to the Appellate Court, where the decree was affirmed (110 Ill. App. 37), and from such decree they appeal. Affirmed.Hugh Crea and Hugh W. Housum, for appellant Charlotte L. Barnes, as trustee.

Beach, Hodnett & Trapp, for Nina L. Gillett and Emma S. Oglesby, appellees.

Hamilton & Catron and R. C. Maxwell, for Jessie D. Gillett, administratrix.

This was a bill in chancery filed in the circuit court of Logan county by Jessie D. Gillett, administrator de bonis non with the will annexed of the estate of John D. Gillett, deceased, for the purpose of obtaining a construction of the will of John D. Gillett so far as it affects the disposition of certain bank stock, and the proceeds thereof, owned by John D. Gillett at the time of his death.

John D. Gillett departed this life testate on the 24th day of August, 1888, leaving, him surviving, his widow, Lemira P. Gillett, and his children, Emma S. Oglesby, Grace A. Littler, Nina L. Gillett, Amaryllis T. Gillett, Mary C. Hill, John P. Gillett, Jessie D. Gillett, and CharlotteL. Barnes. At the time of the death of John D. Gillett he owned the following bank stock: First National Bank, Lincoln, Ill., 100 shares, par value $10,000; First National Bank, Farmer City, Ill., 30 shares, par value $3,000; Farmers' National Bank, Pekin, Ill., 15 shares, par value $1,500; Illinois National Bank, Springfield, Ill., 100 shares, par value $10,000; Farmers' National Bank, Springfield, Ill., 50 shares, par value $5,000; First National Bank, Mt. Pulaski, Ill., 10 shares, par value $1,000; National State Bank, Bloomington, Ill., 30 shares, par value $3,000-total amount of stock, par value, $33,500. The paragraphs of the will of John D. Gillett, deceased, which affect the disposition of said bank stock, are Nos. 9, 23, and 24, and read as follows:

‘Ninth-I give and devise to my wife, in case she shall survive me, for and during the period of her natural life, all the use, interest, dividends and profits that may accrue during such period on or from any share of bank stock which I may own at the time of my death. She shall be entitled to the possession of all certificates representing such stock, and to vote them in person or by proxy during her life. If, during the life of my said wife and after my death, any of the banks in which I shall own said stock shall wind up its business and distribute its capital among its stockholders, my said wife shall be entitled to receive and receipt for all sums payable on the certificates so to be held by her for life. She is hereby empowered to re-invest the principal of sand stock as safely as possible, and to collect and retain to her own use all interests and profits derived from such investment during her natural life. The principal so invested shall, after the death of my said wife, be applied and distributed as hereinafter directed. If my said wife shall become satisfied, at any time after my death, that it would be wise and judicious to sell any part of said bank stock, she is hereby fully empowered, by and with the advice and consent of my said executors, to sell any part or all of the stock so owned by me in the banks at Pekin, Mt. Pulaski, Farmer City and Bloomington. In the event of making such sale she shall invest the proceeds thereof as aforesaid, and shall be entitled to take to her own use, as her own property, all the interest and profits arising from such investment during her natural life. At her death the principal so invested shall be applied as hereinafter directed.’

‘Twenty-third-I hereby direct that the proceeds of the sale of all my personal property, other than bank stock, and not otherwise herein disposed of, together with the proceeds of all debts and demands due or to become due me, and of all real estate in this last will declared and directed to be disposed of as personalty, shall be applied and disposed of by my executors as follows: They shall first pay to my daughter Emma Susan Oglesby the sum of $10,000, and they shall divide the remainder of the proceeds of said personal property in equal parts amongst all of my said children’-naming them, and providing that if any of his children shall depart this life before him, leaving children, the children should take the parent's share; or if they died before him, leaving no children, then the proceeds of said debts, demands, and personal estate to be divided in equal parts among the survivors or their descendants.

‘Twenty-fourth-In case my said wife shall not survive me, I give and bequeath all my bank stock as follows: To Emma Susan Oglesby $5000; to Grace Adeline Littler $5000; to Nina Lemira Gillett $5000; to Mary Catherine Hill $4000; to Jessie D. Gillett $4000; to Amarilla Tuttle Gillett $3000; to Charlotte Lancraft Gillett $3000; and the remainder, if any, to my son, John Park Gillett. I direct that said stock shall be distributed by my executors, not on the face or par value of said stock, but on its market or selling value, so that the share given to each of my said children shall amount in real value to the sum above specified as intended for her. If there shall not be sufficient stock to make up the sums indicated, then I direct that all of said bequests shall abate pro rata. If any of my said children shall depart this life before me leaving any child or children who shall survive me, then such child or children shall take in equal parts amongst them the share or shares which his, her or their deceased parent or parents would have taken if alive. If any of my said children shall depart this life before me leaving no child or children who shall survive me, then the share or shares of such deceased child or children shall be divided in equal parts amongst my surviving children named as aforesaid, the surviving children of any of my children so named as aforesaid to take in equal parts amongst them the share or shares which his, her or their deceased parent or parents would have taken if alive. If my said wife shall survive me, I give and bequeath all my bank stock that shall remain unsold at the time of her death, and all money arising from the sale of said bank stock by my wife, in manner following, to-wit: To each of my following named children who shall survive my said wife the following parcels or portions, to-wit: To Emma Susan Oglesby $5000; to Grace Adeline Littler $5000; to Nina Lemira Gillett $5000; to Mary Catherine Hill $4000; to Jessie D. Gillett $4000; to Amarilla Tuttle Gillett $3000; to Charlotte Lancraft Gillett $3000; and the remainder, if any, to my son, John Park Gillett. I direct that my executor shall make distribution, not on the par value or face of said stock, but on the basis of the market or selling value thereof, so that the share given to each of said children shall amount in real value to the sum above specified as intended for her. If my bank stock, together with the money arising from the sale of any part thereof, shall not be sufficient to discharge said specific bequests, then each bequest shall abate pro rata. If any of my said children shall depart this life before my said wife leaving any child or children who shall survive my said wife, then such child or children shall take in equal parts amongst them the share or shares of said bank stock and money which his, her or their deceased parent or parents would have taken in the event of surviving my said wife. If any of my said children shall depart this life before my said wife leaving no child or children who shall survive my said wife, then the share or shares of said bank stock and money which would otherwise go to such deceased child or children shall be divided in equal parts among the survivors of my children named as aforesaid, the surviving children of any of my children so named to take in equal parts amongst them the share or shares which his, her or their deceased parent would have taken if alive at the death of my said wife. I distinctly direct and declare that in bequeathing said bank stock, and any money that shall arise from the sale of any part thereof by my said wife, it is my desire and intention that none of my children named as aforesaid, or their children or descendants, shall take any vested interest in said stock or money until the death of my said wife, in case she shall survive me, and that until the death of my said wife, and the consequent vesting of said titles and interests, my said children and their descendants shall not be entitled to sell, transfer or encumber any of said stock or money or any interest therein, and that the same shall be wholly free from all judgments, attachments, executions and legal processes against any of my said children or their descendants until or unless said title or interest shall become vested in them by the death of my said wife.’

In 1895 the Farmers' National Bank of Pekin went into voluntary liquidation, and there was paid to the executors of John D. Gillett, deceased, the sum of $2,175, which amount represented the net value of the Gillett stock in that bank. During the same year the First National Bank of Farmer City went into voluntary liquidation, and there was paid to the executors of John D. Gillett, deceased, the sum of $3,420, which amount representedthe net value of the Gillett stock in that bank; and in the year 1900 the National State Bank of Bloomington went into voluntary liquidation, and there was paid to the executors of John D. Gillett, deceased, the sum of $3,750, which amount represented the net value of the Gillett stock in that bank;...