TRUSTS - FOR EMPLOYEES - DEFINITENESS OF CESTUI

Authors

Abstract

The testator by his last will and testament devised a saw mill owned by him to certain trustees, the will reading, "I suggest that my said trustees sell the mill" for a specified price about half the estimated value of the property to a corporation to be organized by "my employees." There was a further provision reading, "I suggest that all the employees who have been in my employment for five years or longer should hold stock in such corporation, should they so desire in such proportions as my trustees shall presence." After the corporation had been organized, the incorporators sought a conveyance of the property. The court on a petition for distribution held that no trust was created. It was of the opinion that the words purporting to create a trust were merely precatory. The court further felt that the will did not designate the cestuis with sufficient definiteness to create a private trust. In re Williams' Estate, 167 Wash. 524, 10 Pac. (2d) 219 (1932).

Recommended Citation

TRUSTS - FOR EMPLOYEES - DEFINITENESS OF CESTUI, 31 Mich. L. Rev. 1181 (1933).
Available at: https://repository.law.umich.edu/mlr/vol31/iss8/30