Chinnis v. . Cobb

The first question presented by this appeal is whether the will of Katherine E. Wright created a spendthrift trust under the .law of North Carolina.

The prerequisites for the creation of a valid spendthrift trust have been stated as follows:(1) The legal title must be vested in a trustee; (2) the gift to the beneficiary must be only of income, and he must take no estate, have no power of alienation, no right to possession, no beneficial interest in the property save the qualified right to support and an equitable interest in the income; and (3) the trust must be an active one. Kessner v.…