Magoffen v. Patton
New York Court of Chancery
Tace W. Patton, by her will, bearing date the fifth of April, one thousand eight hundred and thirty-six, after bequeathing legacies and annuities and giving her executors power to sell and dispose of all her estate both real and personal, bequeathed as follows : “ Fifth.
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Tace W. Patton, by her will, bearing date the fifth of April, one thousand eight hundred and thirty-six, after bequeathing legacies and annuities and giving her executors power to sell and dispose of all her estate both real and personal, bequeathed as follows : “ Fifth. I give, devise and bequeath unto my said executors the sum of twenty thousand dollars, to be invested by them and to be held safely in trust for the sole and separate use and benefit of my daughter, Catharine B. Patton ; the income thereof to be paid to my said daughter as often as the proceeds are received or the nature of…
1Opinion of the Court
The Vice-Chancellor :
No objection is raised in this case to the validity of the -trust declared by the fifth clause of the will in relation to the fund of twenty thousand dollars, as one not authorized by the revised statutes ; and I do not suppose that any such objection could prevail if taken. There seems to be but one possible ground for such an objection to rest on, viz., that the beneficiary or cestui que trust is herself a trustee. But the will is susceptible of a construction to exclude her from being considered a trustee. The “ executors” are made the trustees, and there are three…
2Cited by2 opinions
- In re CavanaghNew York Supreme Court · 1862
- In re MokeNew York Surrogate's Court · 1877