Loud v. St. Louis Union Trust Co.

• Decision Date: 05 March 1923
• Docket Number: No. 23115.,23115.
• Parties: LOUD v. ST. LOUIS UNION TRUST CO. et al.
• Court: Missouri Supreme Court

249 S.W. 629

298 Mo. 148

LOUD v. ST. LOUIS UNION TRUST CO. et al.

No. 23115.

Supreme Court of Missouri, Division No. 2.

March 5, 1923.

Motion for Rehearing Overruled April 6, 1923.

Appeal from St. Louis Circuit Court; John W. Calhoun, Judge.

Suit by Ida Mary Loud against the St. Louis Union Trust Company and others. From a judgment for defendants, plaintiff appeals. Reversed and remanded, with directions.

Jourdan, Rassieur & Pierce and John M. Goodwin, all of St. Louis, for appellant.

Bryan, Williams & Cave, of St. Louis, for respondents.

Statement.

WOODSON, C J.

This suit was brought in the circuit court of the city of St. Louis, by the plaintiff against the defendants to have a trust declared void, created by the will of Mary Jane Blanke, deceased, the contention being that it violates the rule (instead of the statute, as I have inadvertently stated in former opinions written or this subject) against perpetuities, and for collateral relief incident thereto. There is no controversy over the facts of the case. While they are not agreed to, yet they are not disputed. They are stated by counsel for plaintiff substantially in the following language:

Mary Jane Blanke died in St. Louis, on the 12th day of May, 1914. At her death she was the owner of several pieces of real estate, located in said city and a large amount of personal property. The value of her personal estate alone aggregated more than $800,000. It consisted of secured notes, stocks, municipal and corporate bonds, certificates of deposit, and cash in bank. At the time of the trial of this cause in the lower court, on March 17, 1920, the personal estate had greatly increased in value.

At her death, Mary Jane Blanke left surviving her the appellant, Ida Mary Loud, who was her only child and her sole heir at law. At the death of Mrs. Blanke, Mary Laud had three children—i. e., Archibald Chester Loud, who was then 26 years old plus, Harold Lester Loud, who was then 24 years old plus, and August Blanke Loud, who was then 18 years old plus. At said time the husband of plaintiff and the father of said children was still alive, and he was living at the date of the trial of this cause in the lower court. Mrs. Loud's age at Mrs. Blanke's death was approximately 54 years.

In addition to the above, Mary Jane Blanke left at her death, as her only relatives, a brother, Joseph B. Farmer, and said Joseph B. Farmer, at the date of the institution of this action, had as his only living descendants, Percy Farmer, Clarence Farmer, Eva Cleage, Ruth Wackman, and May Farmer. Mary Jane Blanke left a will which was duly admitted to probate by the probate court of the city of St. Louis, on the 23d day of May, 1914, which said will (omitting attestation) was as follows:

"I, Mary Jane Blanke, widow of the late August H. Blanke, of the city of St. Louis, and state of Missouri, do make, publish and declare this as and for my last will and testament, hereby revoking any and all former wills made by me, that is to say:

"First. I authorize and direct my executor, hereinafter named, to pay out of my estate, as soon as may be after my death, all my just debts and funeral expenses.

"Second. I give and devise unto my only child, my daughter, Ida Mary Loud, for and during her natural life, my residence in the said city of St. Louis, known as No. 3219 Russell avenue, and the ground upon which the same is situated, being lots numbers four (4), five (5) and six (6), in block number thirteen hundred and two (1302), of the said city of St. Louis, fronting one hundred and thirty-two feet and six inches (132' 6") on the north line of Russell avenue, by a depth of one hundred and twenty-five feet (125') to an alley.

"And I hereby give and bequeath, absolutely, unto my said daughter, all my household and kitchen furniture, ornaments, and equipment, including silverware, musical instruments, books and pictures, which, at the time of my death, may be in or appurtenant to my said residence or the premises above described.

"Third. (a) I give and devise unto my grandson, Archibald Chester Loud, the dwelling house known as No. 1930 Virginia avenue, in the said city of St. Louis, and the forty feet (40') of ground upon which the said house now stands.

"(b) I give and devise unto my grandson, Harold Lester Loud, the dwelling house known as No. 1921 Virginia avenue, in said city of St. Louis, and the forty feet (40') of ground upon which the said house now stands.

"(c) I give and devise unto my grandson, August Blanke Loud, the forty feet (40') of ground fronting on the east line of Virginia avenue, in the said city of St. Louis, contiguous to and south of the lot upon which the said house No. 1930 Virginia avenue now stands: Provided, however, and said three devisees are made subject to the condition, that until each of my said grandsons shall have married or shall have reached the age of thirty years, which ever may first occur, his mother my said daughter, Ida Mary Laud, shall be permitted to enjoy and receive the rents and profits from said property so devised to him upon payment by her of all the taxes, insurance and other charges against the land and the improvements thereon; but if she shall die before the marriage of such grandson or his arrival at the age of thirty years, the said devisees shall thereupon enter at once upon the enjoyment of said land and improvements.

"(d) In order to equalize the foregoing devises to my said three grandsons, I give and bequeath unto my executor hereinafter named, the sum of seventy-five hundred dollars ($7,500.00), which shall be held by it as trustee for my said grandson, August Blanke Loud, until he shall either have married or reached the age of 30 years, in which event first occurring it shall pay over to him the said sum, with the increment thereto, after having deducted, from time to time, from the income derived from the said seventy-five hundred dollars ($7,500) the amount of taxes upon said lots devised as aforesaid to my said last-named grandson; and pending such payment said executor shall have the same powers of investment, sale and reinvestment with reference to the said fund as are given hereinafter to the trustee hereunder with respect to my residuary estate.

"Fourth. All the rest arid residue of my estate, of every nature whatsoever and wheresoever situate, of which, at the time of my death, I may be seized or possessed, or to which I may be in anywise entitled, including the remainder of the real estate above described, I give, devise and bequeath unto the St. Louis Union Trust Company, a Missouri corporation, and unto its successors and assigns, as trustee, however, for the uses and purposes, upon the terms and conditions, and with the powers and duties hereinafter stated, to wit:

"(a) The trustee shall have power, at any time and from time to time, to sell any of the trust property or estate, for such price or prices and upon such terms and conditions as it may determine. Any money coming into its hands as the proceeds of any such sale or otherwise, and forming a part of the principal of said trust estate, shall be forthwith invested by it. In making such investments the trustee " is given full power to purchase any property, real or personal, which it may think desirable to acquire and hold as part of the said trust estate.

"(b) Said trustee shall pay out of the income and revenue accruing from said trust estate all expenses necessarily Or properly incident to its care, preservation or management, and all other reasonable or necessary charges incident to the administration of the trust created hereby, and out of the remaining income and revenue, so long as my said daughter and the latter's husband shall live, said trustee shall pay to her annually the sum of two thousand dollars ($2,000) in equal quarterly installments; and, if, during the lifetime of my said daughter, her husband shall die, it shall pay to her annually thereafter, until her death, the sum of four thousand dollars ($4,000), in equal quarterly installments, if said revenue shall equal or exceed said last-named amount; provided, that said trustee shall have the power during the lifetime of my said daughter, in its discretion, from time to time, to increase the said allowance so provided for her whenever it may believe it to be to the interests of my said daughter to have such increased allowance—having in view, however, my desire that my said daughter shall live modestly, and not wastefully or extravagantly, and being guided by its belief of what I would do under the same circumstances, if living.

"Any income not distributed as hereinabove provided shall be added to the principal of the trust estate.

"The foregoing provision for my said daughter shall be for her sole and separate use, free from all statutory and marital rights of her husband, and free from her debts and without the right on her part to assign, hypothecate or anticipate the said income, as hereinafter specially provided.

"(c) I have now living the following grandchildren, sons of my said daughter, namely, Archibald Chester Loud, who was born on December 26th, 1877; Harold Lester Loud, who was born on August 28th, 1899;4 and August Blanke. Loud, who was born on April 14th,

"After the death of my said daughter said trustee shall hold the said trust estate, and the net income accruing therefrom, for the equal benefit of my said grandchildren and, from time to time, shall appropriate and pay out of said net income such sums as it may deem reasonably necessary or for the best interests of my said grandchildren to appropriate and use for their maintenance and education during minority. Such sums may be paid over to the guardian of the person of such grandchildren or may be paid direct to them by the trustee, in its discretion.

"If any other child shall be born to my said daughter, he or she, as the case may be, shall be treated under this provision of my will in the same manner as the...