Security Trust Co. v. Sharp

Seitz, Vice Chancellor:

In this action plaintiff trustee seeks instructions from the court as to the validity of an assignment of trust income to certain educational and charitable institutions by the largest income beneficiary of the trust.

On December 14, 1931 Isabella duPont Sharp entered into a trust agreement with plaintiff trustee establishing a trust with respect to 500 shares of stock. Under a provision thereof, the trust income was payable to her husband, Hugh Rodney Sharp, for, his lifetime, and upon his death if she should survive him, to her for her lifetime. On the same date Hugh…