Williams v. Williams
Decision Date | 10 February 1942 |
Citation | 149 Fla. 454,6 So.2d 275 |
Parties | WILLIAMS et al. v. WILLIAMS et al. |
Court | Florida Supreme Court |
Appeal from Circuit Court, Pinellas County; T. Frank Hobson, judge.
John C Blocker and L. P. Hardee, both of St. Petersburg, for appellants.
Booth & Dickenson, of St. Petersburg, for appellees.
On appeal we review final declaratory decree construing the provisions of a certain trust agreement and a supplemental agreement made pursuant to the terms of the original agreement.
The trust agreement is as follows:
'This Indenture of Trust made this 29th day of February A.D. 1928, by and between J. Mott Williams, Sr., (Widower); Chester L Williams, joined by his wife Paula R. Williams; King L Williams, joined by his wife Jennie Williams, J. Mott Williams, Jr., joined by his wife Dora Elsie Williams Frances Fay Prevatt, joined by her husband, Call Prevatt parties of the first part, hereinafter designated Trustors; and the First National Bank of St. Petersburg, Florida, a national banking corporation, party of the second part, hereinafter designated Trustee.
'2. Whereas, Frances B. Williams did, upon the 7th day of December, A. D. 1927, depart this life intestate, leaving as survivors and sole heirs and distributees at law the following persons, to-wit: J. Mott Williams, Sr., husband; Chester L. Williams, son; King L. Williams, son; J. Mott Williams, Jr., son; Frances Fay Prevatt, daughter.
'3. Whereas, the aforesaid survivors, heirs and distributees at law of the said Frances B. Williams, deceased, desiring mutually to convey the property hereinafter described to the said Trustee, for the purpose of unity of control of said property during the natural life of the said J. Mott Williams, Sr., and for other purposes herein set forth, Witnesseth:
'4. In Consideration of Ten Dollars ($10.00) and other valuable considerations, cash in hand paid to the Trustors by the Trustee herein, receipt of which is hereby acknowledged, the Trustors hereby jointly and severally grant, bargain, sell, alien, remise, release, convey, confirm, assign, endorse and set over the following property, real, personal and mixed, said property being in Pinellas County, Florida, more particularly described as follows:' * * *.
Then follows description of property conveyed, after which the agreement continues: 'and the said Trustors by these presents, jointly and severally, grant, bargain, sell, alien, remise, release, convey, confirm, assign, endorse and set over the aforesaid property and all their joint and/or several right, title, interest in and to any and all of the aforesaid property, whether same be as heirs and distributees at law or survivors of the said Frances B. Williams, deceased, or otherwise, to the Trustee in trust for such uses, purposes and benefits as are hereinafter described and enumerated.
'To Have and to Hold the said property and every part or parcel thereof, with the hereditaments and appurtenances, unto the said Trustee, subject, however, to the conditions herein set forth.
'5. The said J. Mott Williams, Sr., is hereby nominated, authorized and designated the manager of all and every the aforesaid property, and he is hereby empowered to remain in free, complete and absolute possession and control of all and every the aforesaid premises during his natural life, except as herein provided, to-Wit:
'6. In the event the said J. Mott Williams, Sr., shall be incapacitated, for any reason whatsoever, and cannot well, truly and efficiently manage the aforesaid property, the fact of such incapacity shall be determined conclusively if a majority of said heirs and distributees so decide same; then in that event the said heirs of the said Frances B. Williams shall have the right to then appoint one of their number as manager to succeed the said J. Mott Williams, Sr., and a majority of said heirs must concur in such appointment, and such appointee shall have all the powers, privileges and benefits as the said J. Mott Williams, Sr.
'7. It is further provided that the said J. Mott Williams, Sr., shall incur no indebtedness or encumbrance wherein and whereby the aforesaid estate shall be bound in a sum greater than One Thousand Dollars ($1000.00), except upon the unanimous consent of the aforesaid heirs.
'8. The said J. Mott Williams, Sr., may instruct and authorize the Trustee at and for any time during the period that he is in active management as aforesaid, to convey, sell, assign, endorse, mortgage, release, exchange, liquidate, settle, invest and reinvest, compromise, lease and otherwise deal in the aforesaid estate, provided, however, the unanimous consent of the aforesaid heirs is given in writing, duly acknowledged. All and every the purchasers, mortgagors, assignees, parties assuming and making partial and/or complete payment on account of principal and interest of mortgages held by the Trustee and parties making payment of dividends on account of stock, interest and principal on account of unsecured notes and payment of any other moneys to the Trustee are hereby relieved and released from any and all duty and obligation to look to the application of such moneys so paid in.
'9. Upon the decease of the said J. Mott Williams, Sr., the Trustee shall be authorized and empowered ipso facto to exercise all the powers, rights and duties enumerated in the preceding paragraph hereof, for the purpose of disposing of, or dividing said property in the manner and form directed by a majority of the said heirs and distributees then living, provided that in such distribution and division, said heirs and distributees shall share and share alike, and in the event any of said heirs and distributees shall pre-decrease the said J. Mott Williams, Sr., then the heirs and distributees at law of such deceased heirs and distributees shall take per stirpes the part of such deceased heir and distributee or said heirs and distributees at the decease of the said J. Mott Williams, Sr., may continue and/or discharge said trust upon terms and conditions to be agreed upon, providing no disposition of the trust estate shall be made wherein and whereby the part that the heir and distributee or heirs and distributees of any of the heirs and distributees who may predecease the said J. Mott Williams, Sr., shall be impaired or ignored.
'10. The Trustee shall not be answerable for the default or misconduct of any agent, servant or attorney appointed by it in pursuance hereof, if such agent, servant or attorney shall have been selected with reasonable care, nor for anything whatsoever in connection with the trusts hereby created, except its own wilful misconduct or negligence, and the said Trustee is hereby authorized to retain counsel and attorneys to prosecute and defend suits and actions to protect the trust property, but such duty shall not devolve upon the Trustee until proper assurance of disbursement of cost is made by the Trustors.
'11. The Trustors shall not dispose of any right, title, interests or benefit enjoyed hereunder, jointly and/or severally, during the natural life of the said J. Mott Williams, Sr.
'12. The said J. Mott Williams, Sr., during the period of active management, as aforesaid, of said estate and property, shall out of the income, proceeds and revenue derived from said property first pay all taxes, liens, interest and encumbrances as they may become due, together with the sum of $200.00 to be retained by himself as a monthly compensation for his services as such manager.
'13. The entire net income received or derived from the trust estate during the management of same by the said J. Mott Williams, Sr., or his successor, after the foregoing expenditures have been made, shall be divided and distributed equally to the following persons; to-wit: J. Mott Williams, Sr., Chester L Williams, King L. Williams, J. Mott Williams, Jr., Frances Fay Prevatt; and in the event any of the persons named in this paragraph shall die before the termination of this trust, his or her share of...
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