Leland v. Hayden
Massachusetts Supreme Judicial Court
Bill in equity filed September 30, 1867, by trustees under the will, proved and allowed October 13, 1855, of Whiting Hewins, late of Roxbury, deceased, to obtain the direction of the court in respect to the application,' as between a tenant for life and remaindermen, of a dividend declared December 15, 1863, in addition to a regular semiannual dividend of five per cent., by the Old Colony & Newport Railway Company, a corporation under the law of this Commonwealth, ninety…
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Bill in equity filed September 30, 1867, by trustees under the will, proved and allowed October 13, 1855, of Whiting Hewins, late of Roxbury, deceased, to obtain the direction of the court in respect to the application,' as between a tenant for life and remaindermen, of a dividend declared December 15, 1863, in addition to a regular semiannual dividend of five per cent., by the Old Colony & Newport Railway Company, a corporation under the law of this Commonwealth, ninety shares of whose capital stock constituted part of the original trust fund created by the will. The bill alleged that the…
1Opinion of the CourtChapman, C. J.
We must regard the principle as settled, that stock dividends are to tie regarded as principal, and cash dividends as income, and that the question whether dividends are to be deemed of principal or of income is to be determined by the votes of the corporation. Minot v. Paine, 99 Mass. 101 In the present case, we have to determine the character of the dividends in question.
*551The trustees held ninety shares of stock in the Old Colony and Newport Railway Company. The company made a regular semiannual dividend; but had a large amount of accumulated earnings, which had accrued subsequently to the…
2Cases cited2 opinions
- Minot v. PaineMassachusetts Supreme Judicial Court · 1868
- Daland v. WilliamsMassachusetts Supreme Judicial Court · 1869
3Cited by45 opinions
- Gibbons v. MahonSupreme Court of the United States · 1890
- Nirdlinger's EstateSupreme Court of Pennsylvania · 1927
- McLouth v. . HuntNew York Court of Appeals · 1897
- Kalbach v. ClarkSupreme Court of Iowa · 1907
- Dupee v. Boston Water Power Co.Massachusetts Supreme Judicial Court · 1873
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