Bank of Delaware v. Clark

SHORT, Vice Chancellor:

On August 17, 1899, William P. Bancroft entered into an inter vivos trust agreement with plaintiff’s predecessor, Security Trust and Safe Deposit Company. The trust was funded by Bancroft’s deposit with the trustee of the sum of $100,000. The agreement provided that the principal was to be invested in mortgages on real estate situated within fifty miles of the City of Wilmington. The net income of the trust was payable to Bancroft for life, then to his wife for life and upon Mrs. Bancroft’s death to their children and the issue of deceased children for a period ending…