Colt v. Colt

48 F. 385, 19 Blatchf. 399, 1881 U.S. App. LEXIS 2653
CourtU.S. Circuit Court for the District of Connecticut
DecidedJuly 22, 1881
StatusPublished
Cited by6 cases

This text of 48 F. 385 (Colt v. Colt) is published on Counsel Stack Legal Research, covering U.S. Circuit Court for the District of Connecticut primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Colt v. Colt, 48 F. 385, 19 Blatchf. 399, 1881 U.S. App. LEXIS 2653 (circtdct 1881).

Opinion

Blatci-iford, Circuit Judge.

This ease involves questions arising under the will of Samuel Colt and the codicils thereto. The will was executed June 6,1856. Only certain provisions in the will and the codicils need he noticed. The only property involved in this suit are shares of the capital stock of Colt’s Patent Fire-Arms Manufacturing Company, and the dividends thereon. That company was a corporation. Its capital stock consisted of 10,000 shares, of $100 each, oi' which the testator owned 9,996 at the time of his death. He died January 10, 1862. The will gave to his wife, the defendant Elizabeth H. Colt, a gross legacy of money, and “the use and improvement, during her life,” of 1,000 shares of said stock; and, subject to said bequest, it gave said stock to the children which should thereafter be born to him in lawful wedlock, and their heirs, as an absolute estate in fee-simple. It also gave to each of the children who might thereafter be born to him in lawful wedlock 500 shares of said stock. It also gave to his brother James B. Colt “the .use and improvement, during his life,” of 500 shares of said stock, and, after the death of his said brother, “to his issue lawfully begotten, as an absolute estate,” on condition that said James B. Colt should “waive and relinquish all claims and demands, actual or pretended,” which he might have against the testator or against said company.. It also gave to his executors, and their successors in said office, 500 shares of said stock, “in trust for the issue of said James B. Colt lawfully begotten, the profits and dividends thereof to be applied to the education of his said issue, so far as the same may be necessary for that purpose, until the youngest surviving of said issue shall have reached the age of 21 years, when said stock, and all accumulations thereof, if any, shall go to said issue, in equal proportions, as an absolute estate.” It also gave to the defendant Samuel C. Colt a legacy of money in gross, and 500 shares of said stock. It also gave to the plaintiff Isabella De Wolf Colt (now the wife of the plaintiff Frank E. De Wolf) a legacy of money .in gross, and 100 shares of said stock, she being a daughter of his late brother, Christopher Colt; and to each of the other children of his said brother Christopher Colt a legacy of money in .gross, and 100 shares of said stock. It also gave to L. P. Sargeant, under certain contingencies, 50 shares of said stock; and to E. K. Root, under certain contingen-' cies, 50 shares of said stock; and to M. Joslin, under certain contingencies, 50 shares of said stock; and to J. Deane Alden, under certain contingencies, 25 shares of said stock. It also gave to certain persons, as. trustees, 2,500 shares of said stock, to establish a school for the education of practical mechanics and engineers. It also gave “to each of my [387]*387executors hereinafter appointed” 50 shares of said stock. The will then proceeded:

“All the rest and residue of my estate, of every kind and description, not herein disposed of, I give, bequeath, and devise as follows: All the remaining stock of said Colt’s Patent Fire-Arms Manufacturing Company of which 1 shall die possessed shall be divided among the several persons and parties to whom I have hereinbefore given legacies of stock, in the ratio and proportion iri which said legacies of stock are hereinbefore given, xlll my other residuary estate shall be divided amongst the several persons to whom I have hereinbefore given pecuniary legacies in gross, in the ratio and proportion in which 1 have hereinbefore given such pecuniary legacies, meaning that my residuary estate in said stock shall he shared by the same persons to whom I have given specified legacies in stock, and in precisely the same ratable proportions, and that my other residuary estate shall be shared by the same persons to whom 1 have given gross pecuniary legacies, and in precisely the same ratable proportions. I hereby nominate and appoint my wile, Elizabeth Hart Colt, and my friends RIenard D. Hubbard and Henry C. Doming, of said city of Hartford, to be executors of this will, with all such powers and authorities as may be necessary to execute the same; and, in case my wife shall decline this trust, 1 hereby nominate and appoint Richard W. H. Jarvis, of Middletown, Conn., in her stead, and, in caso the oflico of either of said executors shall become vacant by death, resignation, or otherwise, at any time thereafter, I hereby authorize and empower my surviving or remaining executors to nominate and appoint a successor to lili said vacancy. ’ And to each of said executors, in compensation for services in the execution of this trust, 1 hereby give and bequeath, in addition to the legacy and devise hereinbefore given, one-fourth of one per cent, of the cash value of my whole estate.”

On the 12th of January, 1858, the testator executed a codicil to said will, which contained the following provisions:

“I also revoke and cancel, for reasons growing out of his lato nnbrotheriy conduct towards me, the legacy of 500 shares of the stock of Colt’s Patent Fire-Arms Manufacturing Company, given in the aforesaid will to James B. Colt for life, remainder to his children; and, in lieu thereof, 1 give and bequeath said 500 shares of stock to the trustees named in said will, for founding a school for practical mechanics and engineers, subject to the uses and trusts created in said will for that purpose.”

It also gave to J. Deane Aldea 50 shares of said stock, in lieu of 25 shares named in said will, subject to conditions named in said will. It also revoked the appointment of Ilenry 0. Derning as executor, and appointed in his place R. W. II. Jarvis. It then continued;

“I also revoke and cancel the legacy given in said original will to the children of my late brother, Christopher Colt, so far as the oldest son of my said brother is concerned, and so far only; and in lieu thereof I give and bequeath to said oldest son one-fourth part of what he would have received if the legacy to him in said original will had not been revoked.”

On the 2d of February, 1859, the testator executed a second codicil to said will, which stated that it was in addition to said codicil of January 12, 1858. It canceled and revoked the legacy made by the original will and codicil to trustees for founding said school. It also contained the following provisions:

[388]*388“I hereby give and bequeath to each of the children of James B. Colt a legacy of one hundred dollars, and I hereby cancel and wholly revoke any and all other legacies or devises by me heretofore at any time made to or for the use and benefit of said children, or any of them. I give to the oldest son of my brother Christopher Colt a legacy of one hundred dollars, and no more, and all legacies heretofore made in his favor are canceled and revoked; and I hereby give, bequeath, and devise to the other children of my said brother (said eldest son not being included herein) the property, to-wit, five hundred shares of the stock of the Colt’s Patent Fire-Arms Manufacturing Company, which in and by said original will is bequeathed to my executors in trust for the use of the children of said James B. Colt, to have and to hold to said other children of the said Christopher in equal- proportions. This last bequest is in trust for said children; and the property hereby bequeathed is to be held by my executors for said children in the same manner, and subject to tile same limitations, as are provided in said original will -in the bequest to the children of said James B. Colt.

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Cite This Page — Counsel Stack

Bluebook (online)
48 F. 385, 19 Blatchf. 399, 1881 U.S. App. LEXIS 2653, Counsel Stack Legal Research, https://law.counselstack.com/opinion/colt-v-colt-circtdct-1881.