Fidelity Union Trust Co. v. Laise

12 A.2d 882, 127 N.J. Eq. 287, 26 Backes 287, 1940 N.J. Ch. LEXIS 83
CourtNew Jersey Court of Chancery
DecidedMay 8, 1940
StatusPublished
Cited by7 cases

This text of 12 A.2d 882 (Fidelity Union Trust Co. v. Laise) is published on Counsel Stack Legal Research, covering New Jersey Court of Chancery primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Fidelity Union Trust Co. v. Laise, 12 A.2d 882, 127 N.J. Eq. 287, 26 Backes 287, 1940 N.J. Ch. LEXIS 83 (N.J. Ct. App. 1940).

Opinion

Egan, V. C.

A construction of the will of the decedent, Clemens A. Laise, and a determination of the questions arising in respect to the decedent’s estate is sought by the complainants. The testator died August 28th, 1938. His will was admitted to probate by the Prerogative Court of this state. The amended complaint asks for instructions upon the following questions:

1. The status of Clemens J. Laise, whom testator refers to in his will as “my son.”

2. Whether 936% shares of the capital stock of the Haworth Securities Corporation evidenced by a certificate for such shares found among the testator’s effects are a part of the estate or represented shares owned by the testator’s widow.

3. Whether 100 shares of preferred stock, and 106 shares of common stock, of the Tungsten Contact Manufacturing Co., Inc., evidenced by certificates standing in the testator’s name were part of the testator’s estate or were held by him as trustee for Haworth Securities Corporation.

4. Whether the gift to the American Chemistry Society of New York of the house in Tenafly, New Jersey, for a home for aged scientists, and the gift of $4,000 per year for the maintenance thereof, is valid, and whether the gift over of such property to a Christian denomination for a home for orphan children is valid. If such gifts are held invalid, what disposition is to be made of the principal fund which was to produce the $4,000 per year.

5. Whether gifts to the University of Pennsylvania of income from the residuary trust created under the will are valid.

6. Whether the testator died intestate as to any part of his property.

7. Whether one-half of the corpus of the inter vivos trust established by Clemens A. Laise became part of the residuary *289 estate under the exercise of the power of appointment contained in the will.

Paragraphs tenth, eleventh and thirteenth of the will are the ones to which the questions relate. They are as follows:

“Tenth: I direct my executors and trustees hereinafter named to pay to my wife, Elizabeth Marie Laise, as and from the time of my death, the sum of Five Hundred Dollars per year in semi-annual payments, for the maintenance of my house in Haworth, New Jersey, until my son, Clemens J. Laise shall attain the age of thirty years. When my said son attains the age of thirty years, then I direct that said property shall be conveyed to him and his heirs and assigns forever, free and clear of all liens and encumbrances; and I request my beloved wife to convey her interest in said property, whether dower or otherwise, to the trustees hereinafter named so that they may be able to convey to my said son a good and sufficient title, in fee simple, to said property.
“If my said son shall die before attaining the age of thirty years, then I direct that my said wife shall have the use of said house for and during the term of her natural life, together with the income aforesaid for the maintenance thereof. If my said son shall die before reaching the age of thirty years, then, after the death of my said wife 1 direct that my mother shall have the use of said property and the income for maintaining the same for and during the term of her natural life.
“If my said son shall die before attaining the age of thirty years, then, after his death, the death of my said wife and the death of my mother, I give, devise and bequeath said property, free and clear of all liens and encumbrances, to my brother, Walter Laise, and his heirs and assigns forever.
“Eleventh: I give, devise and bequeath unto my beloved wife, Elizabeth Marie Laise, for and during the term of her natural life, our home in Tenafly, New Jersey, together with lots No. 1 and No. 2 in Block Five (5) on map entitled ‘Third Amended Map of High-wood Heights, made for Malcolm S. Mackey, Tenafly, Bergen County, New Jersey, located on the easterly side of Knickerbocker Boad, at the corner of Oak Avenue; together with all furniture, furnishings, household effects and equipment therein.
“After the death of my beloved wife, I direct the trustees hereinafter named to convey said property to the American Chemistry Society of New York, together with all the furniture, furnishings, household effects and equipment therein, for the purpose of establishing a home for aged scientists. If said society shall accept said devise and shall establish such a home for aged scientists, then I direct that there shall be paid to the American Chemistry Society of New York, out of my residuary estate, the sum of Four Thousand Dollars per year for the maintenance of said house and grounds and the payment of insurance, taxes, if any, and other necessary charges for the upkeep and maintenance thereof.
*290 “If the said American Chemistry Society of New Xork shall not deem the plan of maintaining a home for aged scientists a feasible one, or for any other reason shall refuse to accept said devise, then I authorize, empower and direct said trustees to turn over said property to a Christian denomination to be selected by them, for the maintenance of a home for orphan children; and for the maintenance of such home when established, I direct that there shall be paid out of my estate the sum of Four Thousand Dollars per year.
“Thirteenth: All the rest, residue and remainder of my estate, both real, personal and mixed, of which I am now seized or possessed, and of which I may hereafter become seized or possessed, including all property over which I have the right of appointment, particularly that under a trust agreement dated January 7th, 1931, into which I entered with The Trust Company of New Jersey as Trustee, I give, devise and bequeath to my executors and trustees hereinafter named, as trustees, to have and to hold the same upon the following trust:
“a. To set aside a sum sufficient to produce an income of Five Hundred Dollars per year for the payment provided in paragraph ‘Tenth’ hereof.
“After my son reaches the age of thirty years, or having died before reaching that age, then, after the death of my wife and my mother, the sum so set aside shall be added to the balance of the principal of the trust.
“b. After the death of my wife to set aside a sum sufficient to produce an income of Four Thousand Dollars per year for the payment provided in paragraph ‘Eleventh’ hereof; and until that time said income shall be distributed as part of the trust hereinafter set up.
“c. To invest and reinvest the balance of the principal and to collect t'he interest, dividends, rents, issues and profits therefrom.
“d. To pay three-fifths of the entire net income from said trust, quarter-annually, to my beloved wife, Elizabeth Marie Laise, for and during the term of her natural life.
“To pay one-fifth of the entire net income from said trust, quarter-annually, to my mother, Katherine Wenner, for and during the term of her natural life; and

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Bluebook (online)
12 A.2d 882, 127 N.J. Eq. 287, 26 Backes 287, 1940 N.J. Ch. LEXIS 83, Counsel Stack Legal Research, https://law.counselstack.com/opinion/fidelity-union-trust-co-v-laise-njch-1940.