Bishop Trust Co. v. Cooke Trust Co.

OPINION OF THE COURT BY

STAINBACK, J.

The facts in this case as they appear in the record by pleadings and stipulations of the parties are undisputed and simple but the question raised is not free from doubt and difficulties.

On June 15, 1933, Richard Smart, just after reaching his majority, conveyed (“assign, transfer and deliver”) certain bonds to Alfred W. Carter as trustee in trust for the following uses and purposes, that is to say: “To demand, receive and collect the interest arising from said bonds, and after deducting the usual trustee’s commission thereon, to pay the same to my…