Green v. Bissell
Supreme Court of Connecticut
Suit to determine the rights of the respective beneficiaries under the will of Samuel B. S. Bissell of Norwalk, deceased, brought to and reserved by the Superior Court in Fairfield County, Shumway, J., upon an agreed statement of facts, for the advice of this court. • Samuel Burr Sherwood Bissell of Norwalk died August 23d, 1894, possessed of a considerable estate and leaving a will under which- he gave the residue of his estate to trustees.
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Suit to determine the rights of the respective beneficiaries under the will of Samuel B. S. Bissell of Norwalk, deceased, brought to and reserved by the Superior Court in Fairfield County, Shumway, J., upon an agreed statement of facts, for the advice of this court. • Samuel Burr Sherwood Bissell of Norwalk died August 23d, 1894, possessed of a considerable estate and leaving a will under which- he gave the residue of his estate to trustees. By the terms of the trust the trustees were given discretionary power as to the investment of the corpus of the fund, and directions to dispose of the…
1Opinion of the CourtPrentice, J.
The accepted rule in this jurisdiction, applicable to all save possibly a few exceptional situations such as are not here revealed, is that cash dividends are to be regarded as income passing to life tenants, while stock dividends are to be treated as capital enuring to the benefit of the remainderman. Smith v. Dana, 77 Conn. 543, 60 Atl. 117.
The declaration of a stock dividend involves the creation and issue of new shares of stock. The basis of the issue, in so far as payment into the corporation is not required of tiie recipient, is surplus assets, which thus become converted into strict…
2Cases cited8 opinions
- Leland v. HaydenMassachusetts Supreme Judicial Court · 1869
- Smith v. DanaSupreme Court of Connecticut · 1905
- Bulkeley v. Worthington Ecclesiastical SocietySupreme Court of Connecticut · 1906
- Terry v. Eagle Lock Co.Supreme Court of Connecticut · 1879
- Comstock v. ComstockSupreme Court of Connecticut · 1906
3 more not listed; retrieve them via the Exa API.
3Cited by24 opinions
- Staats v. Biograph Co.Court of Appeals for the Second Circuit · 1916
- In re Heaton's EstateSupreme Court of Vermont · 1915
- Lamb v. LehmannOhio Supreme Court · 1924
- Union & New Haven Trust Co. v. WatrousSupreme Court of Connecticut · 1929
- Boardman v. MansfieldSupreme Court of Connecticut · 1907
19 more not listed; retrieve them via the Exa API.