Phipps v. Palm Beach Trust Co.

June 3, 1932, Margarita C. Phipps of Palm Beach County, Florida, created a trust out of certain securities from her separate property for the benefit of her children, John H., Hubert B., Margaret Douglas, and Michael G. Phipps, John H. Phipps, however, being the primary beneficiary of the trust. John S. Phipps, the husband of the donor of the trust and Palm Beach Trust Company were named as trustees to administer the trust estate. Section six of the trust indenture being pertinent to this decision is as follows:

“At any time within the duration of this trust, as hereinafter provided, upon the…