MacEachron v. Trustees of Iowa College
Supreme Court of Iowa
Appeal from .Poweshiek District Court. — Henry Silwold, Judge. There is involved the construction of a trust, granted by will. Tbe will of L. N. Sherman set aside a sum of money to be held in trust for his son. Of this fund, the trustees invested $2,200 in the stock of a bank. The book and market value of the stock was, at the time of the purchase by the trustees, $110 the share.
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Appeal from .Poweshiek District Court. — Henry Silwold, Judge. There is involved the construction of a trust, granted by will. Tbe will of L. N. Sherman set aside a sum of money to be held in trust for his son. Of this fund, the trustees invested $2,200 in the stock of a bank. The book and market value of the stock was, at the time of the purchase by the trustees, $110 the share. The bank prospered exceedingly, and, when the son died, the value of this stock had risen from $110 to about $225 the share. This rise in value was due to the fact that the bank paid but relatively small dividends.…
1Opinion of the Court
' Salinger, J.-
ofBtiifeS-tenant vaiífe’oTb’ank Btod!:' — I. The relief sought is that the $2,200 invested should be surrendered to the remaindermen, and that the difference between that sum and the value of the stock, to wit, $4,500, be surrendered to the estate of the life tenant, or, in the alternative, that the stock be ordered sold, and apportionment made in favor of the estate of the life tenant in the proportion that $2,200 is to $4,500.
It may be conceded that rules about to be set forth and invoked by appellee have often been held to obtain, where the trust property consisted of…
2Cases cited34 opinions
- Minot v. PaineMassachusetts Supreme Judicial Court · 1868
- Beveridge v. New York Elevated RailroadNew York Court of Appeals · 1889
- McLouth v. . HuntNew York Court of Appeals · 1897
- In Re the Final Accounting of KernochanNew York Court of Appeals · 1887
- Hite's Devisees v. Hite'sCourt of Appeals of Kentucky · 1892
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3Cited by11 opinions
- Nirdlinger's EstateSupreme Court of Pennsylvania · 1927
- Estate of TraungCalifornia Supreme Court · 1947
- Hubbell v. BurnetCourt of Appeals for the Eighth Circuit · 1931
- In Re the Estate of FeraSupreme Court of New Jersey · 1958
- In Re Estate of EtzelSupreme Court of Iowa · 1931
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