Oldfield v. Attorney General
Massachusetts Supreme Judicial Court
Petition, filed in the Supreme Judicial Court on January 28, 1914, by the selectmen and the treasurer of the town of Norton as trustees, under the declaration of trust, set out in full, ante, 375-377, of the Hicks Reserve Fund, for instructions as to whether the provisions therein as to perpetual accumulation of income were constitutional, the petitioners averring that they were of opinion that, when the principal sum should reach $150,000, it would “not be necessary or…
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Petition, filed in the Supreme Judicial Court on January 28, 1914, by the selectmen and the treasurer of the town of Norton as trustees, under the declaration of trust, set out in full, ante, 375-377, of the Hicks Reserve Fund, for instructions as to whether the provisions therein as to perpetual accumulation of income were constitutional, the petitioners averring that they were of opinion that, when the principal sum should reach $150,000, it would “not be necessary or desirable for a further accumulation of income, and that the income, at that time, should annually be divided between the…
1Opinion of the CourtSheldon, J.
The trust here in question is valid as a public charitable trust. Collector of Taxes of Norton v. Oldfield, ante, 374. But the instrument creating the trust contains provisions under which by far. the greater portion of the income will be forever accumulated and added to the principal. Not only an indefinite, but a perpetual accumulation is provided for. Only a little more than one fifth part of the income ever can be applied to the charitable purposes specified, unless the court or the Legislature can interfere, and a constantly increasing amount must be applied to the increase of the…
2Cases cited12 opinions
- Dexter v. President of Harvard CollegeMassachusetts Supreme Judicial Court · 1900
- Bullard v. ChandlerMassachusetts Supreme Judicial Court · 1889
- Wardens & Vestry of St. Paul's Church v. Attorney GeneralMassachusetts Supreme Judicial Court · 1895
- City of Boston v. DoyleMassachusetts Supreme Judicial Court · 1903
- Codman v. BrighamMassachusetts Supreme Judicial Court · 1905
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3Cited by7 opinions
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- Frazier v. Merchants National BankMassachusetts Supreme Judicial Court · 1936
- Peirce v. Attorney GeneralMassachusetts Supreme Judicial Court · 1920
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