Lambert v. Morgan

Court of Appeals of Maryland

Lambert v. Morgan

72 A. 407, 110 Md. 1, 1909 Md. LEXIS 37

CourtCourt of Appeals of Maryland

DecidedFebruary 19, 1909

StatusPublished

Cited by26 cases

This text of 72 A. 407 (Lambert v. Morgan) is published on Counsel Stack Legal Research, covering Court of Appeals of Maryland primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Lambert v. Morgan, 72 A. 407, 110 Md. 1, 1909 Md. LEXIS 37 (Md. 1909).

Pincite

Opinion

Bbiscoe, L,

delivered the opinion of the Court.

The appeal in this case is taken from an order of the Circuit Court of Baltimore City, passed on the 24th of September, 1908, overruling exceptions of the appellants, to Income Account V, filed in the case of Osmun Latrobe et al. v. Mathilde F. Winans et al., distributing the income of the trust estate of DeWitt Clinton Winans, deceased, among the creditors of Ellen Barbara Williams, one of the life tenants. The exceptions of Thomas S. Bray, a judgment on mortgage creditor of the life tenant, were sustained.

The Court below by the order appealed against directed the account to be re-stated and the fund in the hands of the trustees to be distributed in payment'of the claims of the appellees, as follows:

(1) To J. P'ierpont Morgan, the balance in full- of his claim, as filed in the case, on December 21, 1901.

(2) To Hotel Rennert Company, in full for claim filed in above case on June 22, 1905.

(3) To Thomas Sprackman Bray, the balance in full oi his claim as filed in the above case, on September 7, 1906.

(4) To the Hnion Deposit Bank, Limited, of England, on .aeount of claims filed in the above case on March 9, 1907.

The appellants and appellees are mortgage creditors of the life tenant, and there is no dispute as to the validity of these claims, but the questions involved relate to their rights and priorities of lien, in the distribution of the fund held by the trustees.

The fund in Court for distribution amounts to the sum of $3,487.56 and is income of the trust estate of DeWitt Clin *25 ton Winans, deceased, collected by the trustees and payable to Mrs. Ellen Barbara Williams, as life tenant, under the will.

Mr.'Winans died in 1892, leaving a last will and testament wherein he directed his trustees after the death of his wife to pay the whole of the income of his residuary estate, held by the trustees, to Ellen Barbara Williams during her life, with remainders to third persons. On the 7th day of December, 1895, the Circuit Court of Baltimore City assumed jurisdiction of the administration of the trust estate. Mrs. Winans died shortly after the testator, and it is conceded that Mrs. Williams is the sole life tenant and is entitled to the payment of the income from the estate.

There are six claimants to the fund or income now in Court for distribution and each claim is represented by a mortgage transferring and assigning the interest of the life tenant in the estate as security for loans made to her.

It is contended, upon the part of the appellants, that the execution and recording of their mortgages being prior in date gave them a prior lien and no further notice by them or action on their part was necessary to perfect their lien.

The appellees contend that the transfers were assignments of a fund, to wit, income accruing in the hands of trustees from the trust estate and payable to Mrs. Williams, and to render such assignments a complete transfer of her interest in the trust estate, to effect a prior lien on the fund, notice of these assignments to the trustees was neeessaiy.

The dates of execution, recordation and filing of the various mortgage claims in controversy appéar to be as follows:

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