Lang v. Lang's
Supreme Court of New Jersey
On appeal from a decree advised by Vice-Chancellor Emery, whose opinion is reported in Lang’s Executor v. Lang, 11 Dick. Ch. Rep. 603. Henry Lang died February 18th, 1896. By his will he gave to the executors therein named all his residuary estate in trust, with directions to sell and dispose of his personal property to the best advantage and to keep the proceeds and all ■ moneys of the estate invested in bonds s.ecured by mortgages on real estate.
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On appeal from a decree advised by Vice-Chancellor Emery, whose opinion is reported in Lang’s Executor v. Lang, 11 Dick. Ch. Rep. 603. Henry Lang died February 18th, 1896. By his will he gave to the executors therein named all his residuary estate in trust, with directions to sell and dispose of his personal property to the best advantage and to keep the proceeds and all ■ moneys of the estate invested in bonds s.ecured by mortgages on real estate. Except for certain small annuities, the trusts of the will were to pay the entire income of the estate to the testator’s son, William F. Lang, and…
1Opinion of the Court
The opinion of the court was delivered by
Collins, J.
The underlying principle applicable in this case is that no corporate, dividend declared after the right to the income has become severed from the ultimate ownership of the stock upon which such dividend is declared belongs in equity to the person entitled to' income except so far as it is derived from the earnings of the stock after such severance. The general trend of judicial opinion in this country is towards the adoption.of that principle, and we adopt.it without qualification.
The court of chancery, while acknowledging the principle,…
2Cited by16 opinions
- Nirdlinger's EstateSupreme Court of Pennsylvania · 1927
- Commercial Trust Co. of N.J. v. SpiegelbergNew Jersey Court of Chancery · 1934
- Hagedorn v. ArensNew Jersey Court of Chancery · 1930
- In Re Trust Under Will of ArensSupreme Court of New Jersey · 1964
- Taylor v. ErrionNew Jersey Court of Chancery · 1945
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