Loyd v. Loyd's

46 S.E. 687, 102 Va. 519, 1904 Va. LEXIS 98
CourtSupreme Court of Virginia
DecidedMarch 10, 1904
StatusPublished
Cited by3 cases

This text of 46 S.E. 687 (Loyd v. Loyd's) is published on Counsel Stack Legal Research, covering Supreme Court of Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Loyd v. Loyd's, 46 S.E. 687, 102 Va. 519, 1904 Va. LEXIS 98 (Va. 1904).

Opinion

Whittle, J.,

delivered'the opinion of the court.

This controversy involves the construction of certain clauses of the will of William H. laoyd, deceased.

Testator was survived by seven children and six grandchildren. Two of the children, Ardelia and Sarah A. Loyd, died after the testator, unmarried and leaving no descendants. Whereupon appellant, J ames E. Loyd,' a son of testator, filed a bill in equity in the Circuit Court of the city of Lynchburg against the executor and beneficiaries, in which he maintains that, according to the true construction of testator’s will, upon the death of appellant’s two sisters, leaving no descendants, their shares in the principal fund of the estate immediately became divisible among the surviving children. The hill prays that an account may be taken to ascertain those shares, and that the executor be required to pay to complainant and the other sur[521]*521viving children their respective and proper proportions of snch shares, and also that a similar disposition be directed to be made of the share of any other child thereafter dying without descendants.

On the hearing the Circuit Court, in denying the prayer of the bill, decreed:

“That, under the provisions of said will, when any child of William H. Loyd died, or hereafter dies, leaving no descendants, the share of the principal of such dead child remained or will remain a part of the corpus of the trust estate created by the will, as completely as though such child had died without descendants before the testator; and the contention of the plaintiff that such share is divisible at the death of such child, and ceases to he a part of the trust estate created by the will, to be held by the executor, is unsound, and the action of the executor in refusing to distribute and pay over the shares of Ardelia Loyd and Sarah A. Loyd, who have died since the testator without descendants, to the other children of William H. Loyd, deceased, . . . was in accordance with the true interpretation of the will of Wiliam H. Loyd, deceased, as the said shares remained a part of the trust estate to be held by the executor.”

The clauses of the will affected by this litigation are as follows:

“VII. All the residue of my estate, both real and personal, including the reversion in the real estate given to my wife for life, I desire shall be held by my executor and invested and reinvested in such safe and profitable property, real or personal, as he may deem most advantageous to the beneficiaries in said fund. And to that end he is authorized and empowered to sell and convey any part of my estate, either real or personal, which he may deem most conducive to the welfare of those interested, holding the new investment subject to the same powers of sale and conveyance herein granted and to the same trusts and conditions herein prescribed. Purchasers from my said executor [522]*522shall not be required to look to the application of the purchase money.
“VIII. The net income from the fund created by the last clause I desire my executor to divide in the proportions hereinafterwards declared, amongst my children living at my death, and the lawful descendants of any of them who may be then dead, said descendants to take only such proportion as the child .from whom descended would have taken had such child been living when this will take's effect; and hereafter in this will whenever the term child or children is used, it is to mean my child or children, and is to include the descendants of such child or children, should such child or children be dead when this will takes effect, in which case such descendants shall take only that proportion of the income or principal which the child or children from whom descended would have taken had such child or children been living when this will takes effect.
“IX. The net income from the fund above created and held by my executor, I desire my executor to divide and pay over semi-annually to my children living at my death (the descendants of those then dead to take the share of the child from whom descended), but he shall pay to my son, James E. Loyd, only one-half as much as to my other children, it being my intention to give him and his descendants, should he be dead, only one-half as much as I give each of my other children and their descendants, he having already received large sums from me.
“X. The said fund shall be held by my executor undivided except as hereinafterwards directed, but it shall be held by him subject to the terms, conditions and trust herein declared, as the property of my children living at my death and the descendants of those who may be then dead; but in such proportions that the share of my son, James E. Loyd, and his descendants therein shall be equal only to one-half the value of the share of each of my other children and their descendants, and in ultimately dividing the principal of said fund, my executor will see that [523]*523the division is so made that this proportion shall be carefully preserved. My intention is to give each of my other children double as much of my estate as I hereby give to my said son, James E. Loyd, and to make the shares of my said other children all equal.
“XI. On the death of any one of my children or of any descendant of any child who may be dead when this will takes effect, if such person leave descendants, it shall be the duty of my executor to pay over to such descendants the share which under the provisions of this will belonged to their immediate ancestor. If such person have no descendants, then said share shall lapse into my estate and become a part thereof to be divided hereunder, except that where the person so dying was a descendant of one of my children, and there be other descendants then living of the same child, the share of the person dying shall pass and be paid to said other descendants of the same child according to the statute of descents and distribution in Virginia.”

By the seventh clause, testator empowers the executor to invest his estate in such safe and profitable property, real or personal, as he may deem most advantageous to the beneficiaries of the fund.

Clause 8 declares who are entitled to the net income arising from the principal fund created by the previous clause; while clause 9 directs the executor to divide and pay over such net income semi-annually to testator’s children living at his death (the descendants of those then dead to take the share of the child from whom descended), except that he is to pay to James E. Loyd a half share only. These three clauses, it will be observed, apply to and affect merely the net income from the estate; while the two succeeding clauses, 10 and 11, deal with the capital or principal fund.

Clause 10 provides that the principal fund shall be held by the executor undivided, “except as hereinafterwards directed, [524]*524but it shall be held by him subject to the terms, couditious aud trust herein declared, as the property of my children living at my death and the descendants of those who may be then dead; but in such proportions that the share of my son, James E. Loyd, and his descendants therein shall be equal only to one-half the value of the share of eacii of my other children and their descendants, and in ultimately dividing the principal of said fund, my executor will see that the division is so made that this proportion shall be carefully preserved.

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Bluebook (online)
46 S.E. 687, 102 Va. 519, 1904 Va. LEXIS 98, Counsel Stack Legal Research, https://law.counselstack.com/opinion/loyd-v-loyds-va-1904.