Frazier v. Merchants National Bank

The question presented for decision is whether the trust set up in the will of John H. Frazier, late of Swampscott deceased, for the benefit of the Salem Hospital is invalid, either as violative of the rule against perpetuities or as contrary to public policy.

After providing for two small legacies the will gives the entire remainder of the testator’s estate to the respondent bank as trustee with certain directions as to investments and as to carrying on the testator’s ship yard for a period of fifteen years, selling it at the expiration of that time and adding the proceeds to the fund, and…