TRUSTS-DEVIATION FROM TERMS OF TRUST IN EMERGENCY

Authors

Abstract

In his will the testator made several specific legacies, including one to his widow, who was also to receive a specific devise of real estate. The remainder of the estate was given in trust, to pay the income to the widow during her life. It was also provided that in case there was not sufficient money to pay the bequests, the trustees "shall dispose of my real estate, but not for a period of three years after my decease, if they deem it necessary and proper" and payment of the bequests in that case was not to be made till six months after the sale. The trustees had paid $100 a month to the widow out of the income, which was more than sufficient to do this, but at the end of three years after the testator's death, the legacies remained unpaid, the personal estate being insufficient to meet them, and the trustees were unable to find a cash market for the real estate because of the economic depression. The trustees filed a bill for construction of the will and to determine their future conduct. Held, that the sale should be postponed until a price advantageous to the estate could be obtained and that until that time the widow was entitled to the income from the entire residuary estate. Trust Co. of New Jersey v. Glunz, (N. J. Ch. 1935) 181 A. 27.

Recommended Citation

TRUSTS-DEVIATION FROM TERMS OF TRUST IN EMERGENCY, 34 Mich. L. Rev. 897 (1936).
Available at: https://repository.law.umich.edu/mlr/vol34/iss6/22