Graves v. Graves

The issue in this matter is as to the rights, as between successive life tenants, in and to certain sums received by the trustees as income of the trust fund, being dividends on certain corporate stocks comprised in the corpus of the fund. Under the terms of the trust the income was payable in ten shares to and among ten life beneficiaries; by the death of one of these beneficiaries (Edward H. Graves), the income thereafter became payable in nine shares to the remaining nine beneficiaries.

The dividends in question were quarterly dividends of the corporation and were received by the trustee…