Wilmington Trust Co. v. Carpenter

Southerland, Chief Justice:

The case involves the constitutionality of an amendment to the spendthrift trust statute as applied to a trust created before the enactment of the amendment.

The facts are these:

*529By agreement dated November 21, 1941, Walter S. Carpenter, Jr., transferred to Wilmington Trust Company 75 shares of stock of Christiana Securities Company to be held subject to certain trusts specified in the trust agreement. The trust is irrevocable. The net income is payable to W. Samuel Carpenter, 3rd, during his lifetime, and upon his death the principal is payable to his issue.

The…