Rhoads v. Rhoads

43 Ill. 239
CourtIllinois Supreme Court
DecidedJanuary 15, 1867
StatusPublished
Cited by31 cases

This text of 43 Ill. 239 (Rhoads v. Rhoads) is published on Counsel Stack Legal Research, covering Illinois Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Rhoads v. Rhoads, 43 Ill. 239 (Ill. 1867).

Opinion

Mr. Justice Breese

delivered the opinion of the Court:

John T. Jones, of Gallatin county, on the 30th day of • March, 1863, made his last will and testament, by the first clause of which, he appointed his widow, Hannah M. Jones, his executrix, and his son-in-law, Franklin L. Rhoads, the plaintiff in error, his executor. By the second clause, he directed, that as soon as it could properly be done, his executrix and executor should invest the sum of $25,000, which he then had on hand, in cash, in United States bonds, bearing interest, to be held by them, in trust, for the purpose, and during the period thereafter fixed. By the third clause, he directed his executors, as soon as in their judgment it should be proper, to sell certain bonds of the State of Tennessee, which he then had on hand, seventeen in number, and invest the proceeds in interest-bearing bonds of the United States, to be held in trust, as thereinafter specified. By thefourth clause, he devised and bequeathed to his executrix and executor, to be held in trust, as thereinafter expressed, certain United States seven-thirty bonds, which he then had on hand, amounting to $25,000, and all his estate and property of every kind and character, rights, money, credits and effects, personalty and real estate; and he, thereby, gave and granted to his executrix and executor full power and authority, to collect any and all the debts due to him in the same manner that he could do himself, and to sell any and all of his personal property, lands or other real estate in such manner, at such times and upon such terms, as they in their judgment and discretion should determine, and to convey, by deed, such lands and other real estate as they might sell under this power. He, also, by the' same clause, willed, that all this property, rights, credits and effects, should be held by his executrix and executor, in trust, for and during the period of fifteen years, from and after his death, for the purpose of investing the same, and all money which may be received by them in any way, as the proceeds of sales of land, or other real estate, or personal property, or in the collection of debts, or which might in any manner arise out of his estate, in United States bonds, bearing interest. By the fifth clause, he desired, that all interest accruing upon bonds, or in any other way, should be promptly invested in United States bonds, bearing interest, declaring his object to be, to have all his estate, so soon as might be, invested in interest-bearing government bonds, and all accumulations reinvested in the same way, so as to increase his estate as much as possible in the mode indicated, during the existence of the trust, for the benefit of his wife and children; with the distinct understanding, that his executrix and executor should retain in their hands, at all times, sufficient means to provide for the proper support of his wife and her family, and for the education of his youngest children, the amount proper for such purposes to be left to their judgment and discretion. He then declares, that his executrix and executor shall have all the powers and discretion, not therein expressly set forth, necessary to enable them to wind up the business of his estate, and to execute the trust delegated to them, according to the true intent and meaning of Ms will; but he wished it to be distinctly understood, as expressly enjoined on them, that all investments in bonds or stocks, must be in United States bonds, bearing interest. The sixth clause, requires his executrix and executor to pay over at once to William 1. Caldwell, Ms son-in-law, if he should wish to go into business, the sum of $5,000, to be charged against his daughter Mary, as an advancement, etc., He then declares, “ At the end of fifteen years from and after Ms death, the trust, thus created, shall cease, and all Ms estate then to be distributed among Ms wife and children in tMs manner, viz.: The sum of $10,000 to be paid to Ms wife, to be held by her as her absolute property; the remainder of his estate to be divided among his children, according to the laws of this State, each one of the children to be charged with such sums as have been or may be charged against them as advancements.”

The remaining portions of the will provide merely for executing the trust in case of the death of either the executrix or executor named in the will, or both.

To this will was a codicil, executed on the 31st day of March, 1863, only important as showing the confidence the testator had in the persons appointed to execute the trust, by directing, that neither of them should be required to give any bond .or security whatever, for the proper execution of the trust.

The testator died on the 5th day of April, 1863, and his widow Hannah, on the 3d day of September, following. Since her death, the plaintiff in error, Franklin L. Rhoads, as surviving executor, has thus far executed the trusts under the will.

Eight children survived the testator and his widow, five of' whom are now adults, and defendants in error, the other three are minors, and are with Franklin L. Rhoads, the plaintiff in error, included in the writ of error.

The adults filed their bill in chancery, in the Gallatin Circuit Court, at the August Term, 1866, setting forth, that the surviving executor had sold all, or nearly all, the personal property, and some of the real estate, and had collected a portion of the debts, and had invested the money, amounting to $120,000, in United States bonds, bearing interest, and also-alleging, that of the real estate, there remained unsold forty-five town lots, and fifteen thousand eight hundred and twenty-eight and one-half acres of land; and suggesting, that the-minor children cannot be prejudiced by a division of the moneys and bonds and lands of the estate, and that the executor holds notes due the estate, which are available for more than $25,000, some of them due and payable, and others to fall due, and all drawing interest from six to ten per cent, and that the support and education of the minors will not cost more than $10,000, and alleging, that Basil H. Jones, one- of the- children, has no means whatever, except his interest in this estate, and has no trade or profession, and has a family to support, and that William L. Caldwell is dead, leaving no property beyond the payment of his debts, and his widow, Mary, one of the complainants, has only about §1,000, besides her interest in' this estate, and has a family of three children, the eldest of whom is not ten years of age; they prayed the court that the plaintiff in error, and the minor children should be made defendants, and that they be required to answer the bill, and that the surviving executor shall state fully the then condition of the estate, showing the amount of money and bonds on hand, and the description of the lands belonging to the estate, and that upon a final hearing, the court would direct the executor to pay to each complainant one-eight part of the money and bonds ■on hand, and require him to make yearly settlements with the County Court, and pay the moneys remaining on hand to the parties ‘entitled thereto, and who may have attained their majority, and as each minor arrives at full age, the executor be required to pay such person his or her interest in those moneys and bonds, deducting the advancements made in all cases; and they also prayed for a partition of the real estate, and for the appointment of commissioners to make partition, and for general relief. William G-. Bowman was appointed guardian ad litem, for the infant defendants.

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Bluebook (online)
43 Ill. 239, Counsel Stack Legal Research, https://law.counselstack.com/opinion/rhoads-v-rhoads-ill-1867.