Legal Opinion
Sarver v. Towne
New York Court of Appeals
Decided April 17, 1941PublishedCited by 8 opinions
1Opinion of the Court
Lehman, Ch. J.
Frederick T. Towne filed a voluntary petition in bankruptcy and was adjudicated a bankrupt in May, 1935. He was discharged in the following September. ’ He listed among his assets an “ interest as cestui que trust in a spendthrift trust under the will of Henry R. Towne, deceased. Exempt. New York State Trust, but under laws of State of New York 10% of beneficiary's income may be attached by a judgment-creditor.”
Under the will of Henry R. Towne, the bankrupt's grandfather, the testator directed trustees to pay over the net interest and income of a trust fund established by such…
2Cases cited5 opinions
- Eaton v. Boston Safe Deposit & Trust Co.Supreme Court of the United States · 1916
- Matter of Irving Trust Co.New York Court of Appeals · 1935
- Matter of ShermanNew York Court of Appeals · 1938
- Sarver v. TowneAppellate Division of the Supreme Court of the State of New York · 1940
- Sherman v. TowneAppellate Division of the Supreme Court of the State of New York · 1938
3Cited by8 opinions
- In re the Estate of ChusidNew York Surrogate's Court · 1969
- Erickson v. Bank of California, N.A.Washington Supreme Court · 1982
- Laborers Union Local 1298 v. Frank L. Lyon & Sons, Inc.New York Supreme Court · 1971
- Wheat v. First National City BankNew York Supreme Court · 1963
- In Re DolardDistrict Court, C.D. California · 1967
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