Walker v. Walker
Supreme Court of New Hampshire
Bill in Equity, by the executor of the will of William Walker, praying the direction of the court as to the construction of the will. By the will, the use and income of all the testator’s property were given to the defendant for life. After the payment of certain legacies, the residue was given to the plaintiff.
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Bill in Equity, by the executor of the will of William Walker, praying the direction of the court as to the construction of the will. By the will, the use and income of all the testator’s property were given to the defendant for life. After the payment of certain legacies, the residue was given to the plaintiff. Among the assets of the estate were shares in several corporations which have increased their stock, giving their shareholders the right to subscribe for shares of the new stock in proportion to their holdings. The executor has sold these rights and received payment therefor. The…
1Opinion of the CourtBlodgett, J.
I. The rights to take stock in the several corporations belong to the plaintiff as remainder-man (Peirce v. Burroughs, 58 N. H. 302, 303; Law v. Alley, 67 N. H. 93), and the income thereof only is payable to the defendant as life tenant.
II. The $200 received from the gas light company, May 4,1893, and derived from a sale of a portion of its corporate property, which was purchased and represented by the issue of capital stock, was not, either in form or in substance, a division of earnings, but a division of so much of the capital of the corporation, and as such goes to the remainder-man…
2Cases cited2 opinions
- Peirce v. BurroughsSupreme Court of New Hampshire · 1878
- Law v. AlleySupreme Court of New Hampshire · 1891
3Cited by5 opinions
- Majestic Co. v. Orpheum Circuit, Inc.Court of Appeals for the Eighth Circuit · 1927
- In re Heaton's EstateSupreme Court of Vermont · 1915
- Boardman v. MansfieldSupreme Court of Connecticut · 1907
- Carter v. CrehoreHawaii Supreme Court · 1900
- MacEachron v. Trustees of Iowa CollegeSupreme Court of Iowa · 1920