Murphy v. Northern Trust Co.

The problem in this case concerns the disposition to be made of income which was directed to be accumulated in a testamentary trust for a longer period than the law allows.

William L. Murphy died July 25, 1937, leaving the residue of his estate in trust. His will directed the trustee to pay to his widow $300 a month from the net income of the trust, and to invade the principal if necessary to make the payments. The will also directed the trustee to accumulate the remainder of the income and add it to the principal, and, after the widow’s death, to divide the principal, together with any…