Lyman v. Pratt
Massachusetts Supreme Judicial Court
Bill ih equity, filed July 24, 1902, by the trustees under the will of Elizabeth Pratt, late of Boston, for instructions as to whether a certain dividend of sixty-six and two thirds dollars a share on fifty-one shares of the Lawrence Manufacturing Company held by the trustees, should be paid as income to Robert M. Pratt, who was entitled to the income of the trust fund, or should be invested as capital.
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Bill ih equity, filed July 24, 1902, by the trustees under the will of Elizabeth Pratt, late of Boston, for instructions as to whether a certain dividend of sixty-six and two thirds dollars a share on fifty-one shares of the Lawrence Manufacturing Company held by the trustees, should be paid as income to Robert M. Pratt, who was entitled to the income of the trust fund, or should be invested as capital. The case came on to be heard before Loring, J., who at the request of the parties reserved it for determination by the full court upon the bill, answers and an agreed statement of facts, such…
1Opinion of the CourtKnowlton, C. J.
The only question in this case is whether a dividend made by the Lawrence Manufacturing Company, payable to stockholders on May 13, 1901, is to be treated by the trustees as income to go to the life tenant or as principal to be held for the remainderman.'
In Minot v. Paine, 99 Mass. 101, 108, it is said that in such cases “ A simple rule is, to regard cash dividends, however large, as income, and stock dividends, however made, as capital.” This general rule has been followed by this court ever since. Daland v. Williams, 101 Mass. 571. Leland v. Hayden, 102 Mass. 542, 550. Rand v. Hubbell, 115…
2Cases cited9 opinions
- Minot v. PaineMassachusetts Supreme Judicial Court · 1868
- Leland v. HaydenMassachusetts Supreme Judicial Court · 1869
- D'Ooge v. LeedsMassachusetts Supreme Judicial Court · 1900
- Rand v. HubbellMassachusetts Supreme Judicial Court · 1874
- Davis v. JacksonMassachusetts Supreme Judicial Court · 1890
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3Cited by21 opinions
- Nirdlinger's EstateSupreme Court of Pennsylvania · 1927
- In re Heaton's EstateSupreme Court of Vermont · 1915
- Hyde v. HolmesMassachusetts Supreme Judicial Court · 1908
- Union & New Haven Trust Co. v. WatrousSupreme Court of Connecticut · 1929
- In re the Accounting of BankAppellate Division of the Supreme Court of the State of New York · 1952
16 more not listed; retrieve them via the Exa API.