Roarty v. Smith
New Jersey Court of Chancery
On bill for partition and answer thereto. The bill seeks the partition or sale of four parcels of land' of which John McDermott died seized on the 21st of October, 1885. By his will he devised and bequeathed his entire estate-to Lorenzo W. Elder and Michael Smith and the survivor of them, in trust, to keep the personal estate invested in good inter•est-bearing securities and take charge of the real estate, receive its rents, issues and profits, maintain it and divide the net…
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On bill for partition and answer thereto. The bill seeks the partition or sale of four parcels of land' of which John McDermott died seized on the 21st of October, 1885. By his will he devised and bequeathed his entire estate-to Lorenzo W. Elder and Michael Smith and the survivor of them, in trust, to keep the personal estate invested in good inter•est-bearing securities and take charge of the real estate, receive its rents, issues and profits, maintain it and divide the net annual income from the whole property in the proportions of three-twentieths thereof to each of his children, Mary,…
1Opinion of the Court
The Chancellor.
The trustee’s claim is that he is entitled to a particular estate dn the whole of the lands of which partition is desired, which "will endure until the last surviving life beneficiary shall die. He argues that, as each of said beneficiaries is to have a certain ¡proportion of the whole net income, it is necessary for the trustee, in order to effectuate that right, to continue to the end of the trust to take the entire income, retaining his estate in the whole ■corpus for that purpose, and, having such particular estate, he alone is entitled to the present actual possession of…
2Cases cited1 opinion
- Watts v. DevorSupreme Court of Pennsylvania · 1855