Ramage v. First Farmers & Merchants Nat. Bank

STAKELY, Justice.

This case'involves a testamentary trust. The questions for decision are (1) whether the trust is for the purpose of accumulation only within the meaning of § 146, Title 47, Code of 1940 and (2) whether the trust should be terminated by the court on the agreement of the beneficiaries specifically named in the will before the expiration of the period prescribed for the trust by its creator.

On July 21, 1938, J. T. Ramage executed his last will and testament. Shortly thereafter he died and the will was duly admitted to probate in the Probate Court of Pike County on August 30,…