Travis v. Ashton

TERRELL, J.:

October 8, 1932, William Laws, Sr., and his wife Drusilla Laws executed a trust deed to M. W. Ashton as trustee, conveying certain real and personal property to be held in trust with power to manage, lease, sell or reinvest, and pay the net income to the grantors for their natural life and in the event of the death of either, to pay the net income to the survivor.

The fourth paragraph of the trust deed, on which this suit depends is as follows:

“Upon the death of the grantors, William Laws, Sr., and Drusilla Laws, the net income from the said trust estate shall be divided into two…