Thorn v. Coles
New York Court of Chancery
Question upon the validity of the sixth clause in the will of Jordan Coles, deceased ; and which clause was as follows : “ Sixthly.
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Question upon the validity of the sixth clause in the will of Jordan Coles, deceased ; and which clause was as follows : “ Sixthly. I order my executors at such time or times as they may think most for the interest of my estate, within two years .after my decease, to invest the sum of one hundred thousand dollars in productive real estate in the city of New-York; and that the nett income of the said real estate, after deducting the expenses attending the same, be divided equally among my children or the survivors of such as shall die childless, during their respective lives. But the said…
1Opinion of the Court
The Vice-Chancellor :
I concur generally in the views expressed in the written argument of the counsel for the guardian of the infants and for the female adults.
If a trust in the executors of the real estate directed to be purchased was intended by the will, that is, if the executors were to take the title in their names and to hold the property in trust, receive the rents and dispose of the nett income in the manner therein directed, it would be a trust for a purpose not authorized by the revised statutes. So, likewise, the trust as respects its duration, being for the lives of the eight…
2Cited by2 opinions
- St. Paul Trust Co. v. MintzerSupreme Court of Minnesota · 1896
- Keeley v. ClarkNew York Supreme Court · 1925