Provident Life & Trust Co. v. Wood

123 S.E. 276, 96 W. Va. 516, 41 A.L.R. 570, 1924 W. Va. LEXIS 126
CourtWest Virginia Supreme Court
DecidedMay 20, 1924
StatusPublished
Cited by5 cases

This text of 123 S.E. 276 (Provident Life & Trust Co. v. Wood) is published on Counsel Stack Legal Research, covering West Virginia Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Provident Life & Trust Co. v. Wood, 123 S.E. 276, 96 W. Va. 516, 41 A.L.R. 570, 1924 W. Va. LEXIS 126 (W. Va. 1924).

Opinion

*517 Meredith, President :

Defendant appeals from a decree entered July 17, 1923, providing for the sale of all the merchantable timber 16 inches and up in diameter on two tracts of land in Mingo County, aggregating about 9400 acres.

On October 7, 1914, Provident Life & Trust Company of Philadelphia and Edward R. Wood, Jr., as Executors and Trustees under the last will and testament of Stuart Wood, deceased, as plaintiffs, filed their original bill in which they allege that Stuart Wood died March 2, 1914; that at that time he was the holder of the legal title to 107 tracts of land, aggregating between 50,000 and 60,000 acres in Mingo County, in trust for himself and the defendant Walter Wood, and that he was seized and possessed in fee simple of 63.55% undivided beneficial interest therein and the defendant Walter Wood the remaining 36.45% beneficial interest, except as to tract No. 84, containing about 1738 acres, in which tract Stuart Wood was seized of 59.5% undivided beneficial interest, and the defendant Walter Wood the remaining 40.5% undivided beneficial interest; that Stuart Wood left his last will and testament which was duly probated in the office the Register of Wills in and for the City and County of Philadelphia, Pennsylvania, an authenticated copy of which was admitted to probate in Mingo County, West Virginia; that the plaintiffs were named therein as executors and trustees and were duly qualified as such before the said Register of Wills, and also before the County Court of Mingo County, West Virginia; that the legal title to said lands is now vested in the plaintiffs, in their capacity as executors and trustees under said will; that by the provisions of the .will the whole of the said estate, except certain personalty bequeathed to others, is devised to plaintiffs in trust, to use in their uncontrolled discretion, any portion of the principal or income of the estate for the purpose of promoting or developing any of the property interests of the said estate;' that they are given power to hold any of said property or they may dispose of the same to the best advantage and reinvest the proceeds; that they may sell and convey or exchange any of the testator’s lands; that by virtue of the will and *518 upon the trusts therein set forth they ‘ ‘ are seized and possessed of the respective undivided beneficial interests of which the said Stuart Wood died seized and possessed in.” said tracts of land, and by virtue of the will they “have, full, absolute and present power of sale, disposal, exchange and conveyance of the said respective undivided beneficial interests of the said Stuart Wood, deceased, in the said lands”; that the lands can not be partitioned and divided in kind without serious prejudice and injury to the owners thereof; that they were purchased by Stuart Wood for himself and his cestui que trust chiefly on account of the value of the coal, oil and gas and other minerals contained therein, and partly on account of the timber standing thereon; that all of said lands contain coal, and plaintiffs believe and aver that they also contain oil and gas as well,as other minerals; that they are located in a section of rough and mountainous country; only between five and ten per cent thereof is suitable for cultivation; they contain no more building ground than is suitable for mining camps, railroads and sidings for the mining and carrying away of the coal and other minerals; that the seams of coal in different parts of any one of said tracts vary in number, thickness, quality and position with respect to water level, and the mining conditions vary in the different sections ; that some of the tracts are valuable as affording ingress and egress to and from others of said tracts which would be otherwise cut off from access to railroads or to valleys where railroads can be built; that it can not be known certainly what lands contain oil and gas sands; nor can it be determined without the actual process of mining what seams or tracts of coal may be economically mined; that none of the lands were purchased or intended to be held for agricultural purposes, but their chief and almost their entire value is in the minerals underlying the surface; that:

' “The timber formerly standing on the tracts and parcels of land hereinbefore mentioned has been almost entirely removed. The timber now standing thereon (save and except on Miller’s Creek, in said County) is only sufficient for the mining and development of the minerals underlying the said land. The said lands include a boundary of timber on Miller’s Creek, which timber is ripened for marketing, and the timber on *519 said tract can be more economically marketed, and has greater value as a whole than would be the case were the tract of land on which the said timber stands divided by partition in kind. The lands on which the said timber on Miller’s Creek stands are underlaid with valuable seams of coal.
“Many of the tracts and parcels of land hereinbefore mentioned and described lie adjacent one to the other, thus forming considerable boundaries of land. The same are of greater value when taken as a whole than would be the aggregate of the value of the separate parcels thereof should the same be dismembered by partition in kind.
“For these and other like reasons, the plaintiffs aver that the tracts and parcels of land hereinbefore described are not susceptible of partition in kind without great injury to the interests of those entitled to said lands; and that the sale of the said lands and the division of the proceeds arising therefrom will give to such parties greater value than the division thereof in kind, and that the interests of the owners thereof would be best promoted and subserved by such sale and division of the proceeds.
“The said Stuart Wood, in his lifetime, held the legal title to the tracts and parcels of land hereinbefore mentioned, and described, as well also as other tracts and parcels of lands heretofore disposed of in the lifetime of the said Stuart Wood, in trust as hereinbefore set forth, with full power and authority from the defendant Walter Wood to manage and control the said premises, to sell part or all said premises, to purchaser, or purchasers, upon such terms and for such consideration as to the said Stuart Wood should seem' meet, with power and authority to make exchange of all or portions of said premises for other tracts of land, or interests in such other tracts, with power to make such disbursements as he might deem wise for taxes, repairs, costs of improvement, legal expenses, including sums paid in litigation and purchase of conflicting titles, or expended on or for roads, surveys, conveyances, development, or other expenses incurred on account of said lands, with the promise on the part of his cestui que trust to reimburse him for such expenditures. These plaintiff’s aver that the said S'tuart Wood, in his lifetime, did manage and control the said lands; he made sales of portions thereof, leases of other portions thereof; he sold standing timber therefrom; he made disbursements on account of *520

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Bluebook (online)
123 S.E. 276, 96 W. Va. 516, 41 A.L.R. 570, 1924 W. Va. LEXIS 126, Counsel Stack Legal Research, https://law.counselstack.com/opinion/provident-life-trust-co-v-wood-wva-1924.