Gardner v. City National Bank & Trust Co.

255 N.W. 587, 267 Mich. 270, 1934 Mich. LEXIS 537
CourtMichigan Supreme Court
DecidedJune 4, 1934
DocketDocket No. 64, Calendar No. 37,705.
StatusPublished
Cited by34 cases

This text of 255 N.W. 587 (Gardner v. City National Bank & Trust Co.) is published on Counsel Stack Legal Research, covering Michigan Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Gardner v. City National Bank & Trust Co., 255 N.W. 587, 267 Mich. 270, 1934 Mich. LEXIS 537 (Mich. 1934).

Opinion

*273 Potter, J.

Bill filed to construe the last will and testament of Frank Julius French, deceased. From the decree entered, plaintiff and defendant Natalie Breelcer Coleman appeal. Frank Julius French, formerly of Niles, Michigan, made and. executed his last will and testament July 22, 1931, and died September 19,1931, leaving such last will and testament in full force and effect. It was duly admitted to probate. It provided for revoking all former wills by the testator'; for the payment of all testator’s legal debts owing at his death, and all Federal and State inheritance taxes; for the erection of a marker at his place of burial on the family burial lot; for the disposition to his two daughters of his personal effects and jewelry; and all the rest and residue of his estate the testator gave, devised and bequeathed to trustees in trust for the following purposes and uses:

“A. To invest and reinvest the same in such manner as will furnish the largest income upon such trust funds consistent with conservative and safe investment, and for that purpose to sell and convey, lease or exchange the whole or any part of the property of my estate, whether real or personal, and to that end without authority of any court to execute any and all conveyances or papers which may be necessary to carry out the terms thereof; and I authorize my trustees to retain in the corpus of the trust, in its discretion, all or any securities belonging to my estate at the time of my death, whether or not, such securities are legal investment for trust funds; and my trustees shall not be liable for any losses which may be sustained by my estate from holding the same.

“B. As soon as my trustees shall have qualified and shall have come into possession of my estate, as hereinbefore set forth, I direct my said trustees to divide the same into two equal shares, one for my daughter, Alene, and the other for my daughter, *274 Natalie; and my trustees shall hold, use, manage, invest and reinvest the property and funds of each trust in accordance with the powers hereinbefore conferred upon my said trustees, and to receive the issues, income and profit therefrom and pay the expenses in connection with the care, management and maintenance thereof, and pay the net income from the trust created for Alene to her during her lifetime in as near equal monthly instalments as possible; and pay the net income from the trust for Natalie to her during her lifetime in as near equal monthly instalments as possible.

“C. I authorize and empower my said trustees to use so much of the principal of the trust created for Alene as may be necessary, in their discretion, for the benefit of Alene or her children in case of extreme necessity or for the education of her children in case the income is not sufficient, and my said trustees shall use so much of the principal of the trust created for Natalie as they may deem necessary, in their discretion, for the benefit of Natalie or the lawful issue of her body, if any, in case of extreme necessity, or for the education of her.children in case the income is not sufficient; provided, further, that no adopted child of Natalie’s shall be considered as her child for the purpose of this will. The use of the principal from my estate for the education of my daughters’ children shall be restricted as follows: Principal may be used only for their education in accredited schools of the State Of Michigan. My reason for this provision is, that I feel that my grandchildren can get sufficient training in our Michigan schools and save great expense over what would be required to send them to schools out of the State.

“D. Upon the death of my daughter, Alene, the remaining corpus of the trust created for her together with any unpaid income therefrom, shall be continued in trust for the benefit of her children, Prank Gardner, Jacqueline Gardner, Alene Gard *275 ner and/or any further horn children, each child to have an equal share of the trust estate, and the net income from each child’s share shall be paid to such child in convenient instalments until such child shall attain the age of 25 years, at which time my said trustees shall transfer, pay over and deliver one-half of the remaining corpus of such child’s trust to such child continuing the balance of the trust until such child attains the age of 30 years, at which time my said trustees' shall transfer, pay over and deliver the remaining corpus of such child’s trust to such child together with the unpaid income therefrom thereby terminating the same, and my said trustees are authorized and empowered, in their discretion, to use such portions of the principal of each trust for each child in case of absolute necessity; and should any child die prior to the termination of the trust created for such child with issue surviving, then and in that event, my said trustees shall distribute such deceased child’s share equally among the surviving issue and continue the same in trust for such child until such child attains the age of 21 years paying the income from the same to such child, but should there be no surviving issue, then my said trustees shall distribute such deceased child’s share equally between the survivors to become a part of the corpus of such survivor’s trust unless such survivor has already attained the age of 30 years, in which event the same shall be transferred, paid over and delivered to such surviving child, to be his or hers absolutely.

“E. Should my daughter, Aleñe, die and all of her children die prior to the termination of the trusts created for them leaving no issue surviving, then I direct that the remaining corpus of the trust originally created for Aleñe together with any unpaid net income therefrom, shall become a part of the corpiis' of the trust created for my daughter, Natalie.

*276 “F. Upon the death of my daughter, Natalie, the remaining corpus of the trust created for her together with any unpaid income therefrom, shall be continued in trust for the benefit of her children, if any (lawful issue of her body, and not to include any adopted child or children) each child to have an equal share of the trust estate, and the net income from each child’s share shall be paid to such child in convenient instalments until such child shall attain the age of 25 years at which time my said trustees shall transfer, pay over and deliver one-half of the remaining corpus of such child’s trust to such child continuing the balance of the trust until such child attains the age of 30 years, at which time my said trustees shall transfer, pay over and deliver the remaining corpus

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Bluebook (online)
255 N.W. 587, 267 Mich. 270, 1934 Mich. LEXIS 537, Counsel Stack Legal Research, https://law.counselstack.com/opinion/gardner-v-city-national-bank-trust-co-mich-1934.