Warmack v. Crawford, 39480.
| Decision Date | 11 February 1946 |
| Docket Number | No. 39480.,39480. |
| Citation | 192 S.W.2d 406 |
| Parties | WARMACK et al. v. CRAWFORD et al. |
| Court | Missouri Supreme Court |
Appeals from St. Louis Circuit Court; Robert L. Aronson, Judge.
Action by Martha Sharp Warmack and Mississippi Valley Trust Company, as trustees under the will of Robert N. Warmack, deceased, against Annie Laurie Warmack Crawford and others, seeking to have the court determine the duty of plaintiffs under the will with reference to the retention of certain stock as a trust investment. From the decree, plaintiffs and the defendant named appeal.
Case transferred to the St. Louis Court of Appeals.
Forest P. Tralles and Charles P. Williams, both of St. Louis, for Martha Sharp Warmack et al., plaintiffs appellants.
Fred J. Hoffmeister, of St. Louis, for Annie Laurie Warmack Crawford, defendant appellant.
Plaintiff trustees under a will have control of certain common stock. Eighty-three per cent of the trust fund is invested in said stock. They seek to have the court determine their duty, under the will, with reference to the retention of said stock as a trust investment.
The trial court ruled that the trustees "should sell for cash such number of shares of the common stock * * * now held by the trust estate as in their sound discretion they believe they should, and reinvest the proceeds of such sales so as to bring about a sound diversification of the assets of the trust estate."
The trustees argue that a diversification of the assets of the trust estate, as directed by the court, will reduce the income of the beneficiaries of the estate more than $7500, and for that reason this court has appellate jurisdiction.
It will be noted that the number of shares of common stock to be sold is left to the discretion of the trustees under the decree of the trial court. In other words, the record does not show the number of shares of common stock that will be sold by the trustees. Furthermore, the record does not show the income, if any, that will be received by the trustees from the property that may be purchased on the reinvestment under the will. Thus it appears that from the record it cannot be determined the amount of either loss or gain to the beneficiaries by said diversification of the assets. Speculation and conjecture does not fix the appellate jurisdiction of this court. The rule is stated as follows: ...
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