Munford v. Peeples

108 S.E. 454, 152 Ga. 31, 1921 Ga. LEXIS 4
Supreme Court of Georgia·Decided September 13, 1921·No. No. 2193·Published·Cited by 22 cases

Opinion

Hill, J.

(After stating the foregoing facts.)

1. The first question to be considered is, what estate did Mrs. [36] Peeples take in the stock bequeathed by the fifth item of testator’s will ? Did she take a life-estate only; or did she take an absolute-, or defeasible fee ? Considering first the language of item 5 alone, it will be observed that R. S. Munford was created trustee for testator’s . daughter, Lewis Munford Peeples, alone. The trustee is not expressly declared trustee for any one- else, in this item of the will. It confers on the named trustee “full and complete control” of the stock, with the exclusive right and authority to vote it at all stockholders’ meetings, and to sell it “ as in his judgment may be best for the- interests of all concerned,” etc. This item also provides that the banlc stock may be sold at the instance of the cestui que trust and upon her written request, which was done, and the bequest as to that stock is not under consideration here. The trustee is directed, in item 5, to pay to Mrs. Peeples, “ or to the heirs of her body should she be dead, all dividends that may accrue upon said shares of stock, and the proceeds of any sale that he may make of same, to be hers or theirs, as the case may be, absolutely.” It is further provided’ that should testator’s daughter, Mrs. Peeples, “ die leaving no issue of her body, children, or children of deceased children, before the executing of the trust herein created, then the stock herein bequeathed to my son, Robert S. Munford, as trustee, or the residue thereof should any have been sold, shall be and become the property of the said Robert S. Mun-ford, absolutely.” What estate, then, did Mrs. Peeples take in the property bequeathed under this item of the will? Nowhere in this item does the testator expressly give the stock to his daughter “ for life,” nor does he use language of similar import. It will be observed in this connection that by item 6 of his will the testator gives, devises, and bequeathes to his daughter, Mrs. Peeples, in trust, “for and during her natural life, for the joint use and benefit of herself and children, including the children she now has, as well as those that may hereafter be born to her,” certain lands, city propert3, and personal property. At the end of this item (6) the testator again alludes to the real estate mentioned in this item, and provides that on the death of his daughter all of the real estate “ devised and bequeathed to her, in trust for herself and children during her natural life, shall vest in, and is hereby devised and bequeathed in fee simple, to the children of my said daughter who may survive her,” etc. In item 10 of the will the [37] testator again provides that the “ property bequeathed and devised to my daughter, Lewis Munford Peeples, in trust for herself and her children, during her natural life” (italics ours), shall not “be sold by her for reinvestment or any other purpose.” Considering these expressions of limitation for life in the items of the will other than item 5, that is, the limitation of the property devised to the daughter in trust for life, and considering that there is no such express limitation for life in item 5, as to the. stock bequeathed, it is convincing to our minds that the testator did not intend that his bequest of the stock in the Etowah Mining Company to his daughter, in item 5 of the will, should be for her life only. In item 5 the stock is given in trust for Mrs. Peeples without limiting it to her life, but it is expressly provided that the trustee has the right to .sell the stock as in his judgment may be best for the interest of all parties concerned, and pay the proceeds thereof to her or them as the case may be, absolutely. It is true that the testator directs the trustee to pay the cestui que trust, Mrs. Peeples, or to the heirs of her body shoidd she be dead, all dividends that may accrue upon the shares of stock, etc., but we do not think that this language will cut down the original gift, even if this refers to the mining; stock (which we construe to be an absolute fee), to a life-estate, or to a base or defeasible fee.

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Munford v. Peeples, 108 S.E. 454, 152 Ga. 31, 1921 Ga. LEXIS 4 (Ga. 1921).

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