S deposited in the Bank of Canby $ 1000 in trust for the city of Canby, with a direction to accumulate interest at 4 per cent compounded semi-annually, for 110 years, and then to pay the accumulated fund to the city. The settlor recommended that the city dispose of the fund "as may seem proper and for the best interest of the community." The bank failed, and the city, having received a pro rata payment, claimed a preference for the remainder. Held, plaintiff is entitled to a preference. Although it was to endure longer than the maximum period named in the most general statute in force in the jurisdiction which related to trusts of personal property/ a valid charitable trust was created, because it was of a class expressly excepted from any restriction as to duration. City of Canby v. Bank of Canby, 192 Minn. 571, 257 N. W. 520 (1934).
TRUSTS-ACCUMULATIONS-EFFECT OF STATUTES AGAINST ACCUMULATION ON THE VALIDITY OF A CHARITABLE TRUST FOR ACCUMULATION,
Mich. L. Rev.
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