Valley Savings Bank v. Penn College

The ultimate question is whether all or only half the remaining income from a trust estate of about $100,000 is payable to Drake University. This in turn depends on whether Penn College, beneficiary of the other half of the net income, has ceased to exist.

The trust was created by the will of Lottie R. Hagan, who died November 1, 1941. The will, made in 1930, as changed in 1938' by a codicil, contains certain legacies of personal belongings and $47,500 in money, $20,000 of which are to charitable objects — a church, a hospital for crippled children, and a children’s home. The remainder of her…