Rockefeller v. First National Bank

101 S.E.2d 28, 213 Ga. 766, 1958 Ga. LEXIS 275
CourtSupreme Court of Georgia
DecidedJanuary 20, 1958
Docket19897
StatusPublished
Cited by2 cases

This text of 101 S.E.2d 28 (Rockefeller v. First National Bank) is published on Counsel Stack Legal Research, covering Supreme Court of Georgia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Rockefeller v. First National Bank, 101 S.E.2d 28, 213 Ga. 766, 1958 Ga. LEXIS 275 (Ga. 1958).

Opinion

Wyatt, Presiding Justice.

Reference to the opinion rendered when this case was previously before this court will disclose that it was there determined that the petition was sufficient to present a case in equity; that the will of Mrs. Lucy C. Carnegie did not expressly prohibit a sale of the property in question; that the lease in question amounted to a sale; and that the act of the General Assembly, Ga. L. 1953, Jan.-Feb. Sess., p. 44, is not applicable, and its constitutionality need not be passed upon; and that the Superior Court of Camden County has jurisdiction of the case. Under repeated rulings of this court, the questions thus decided became the law of the case and can not be changed or modified in the instant case. The only question, therefore, now before this court is whether or not under the evidence the trial judge was authorized under the previous decision of this court, to require the execution of the lease of the property.

Before approaching this question, we deem it wise to quote fully what this court said in the previous opinion, (p. 503), on the question of the sale of the property, as follows: “Under Item One of the will of Mrs. Carnegie, she left her Cumberland Island real estate in trust during the life of the survivor of her children therein named, and provided a substantial income by Item Two of the will, to be used to maintain the property, and directed her trustees to permit those of her children who desired to do so to occupy the land free of rent. It was clearly not the intention of the testatrix that this property should in all events be held until the death of the last surviving child. On the contrary, she provided two ways by which her children could terminate the trust and take the corpus themselves. The first of these, Item One (c), provides that her children could claim possession of the corpus and terminate the trust by unanimous agreement for a division of the property in kind, in which event each received fee-simple title to his or her portion of the land. *768 The second method for terminating the trust is contained in Item One (d), which provides that, if at any time a majority of her children then living who had not disposed of their interest under Items One (a) and One (b) requested the trustees to sell all or any portion of the trust property, it thereupon became the trustee’s duty tq comply therewith, the proceeds derived from the sale to be paid to her children then living, the descendants of deceased children, or to the purchasers of the interest of any of her children who had sold their interest in the trust lands under the authority so to do conferred by Items One (a) and One (b).

“Subparagraphs (e) and (f) of Item One further demonstrate that the testatrix intended to provide for the sale of the Island property in whole or in part, subparagraph (e) providing that the power of sale given the trustees might be exercised at public or private sale ‘and upon such terms of sale as their best judgment may dictate, without the necessity of an order from any court,’ and subparagraph (f) provides that ‘In the event the trust herein created for said Island property, or any portion thereof, has not terminated before the death of the last survivor of my said children, the said trust shall then terminate and the whole or any portion thereof remaining unsold shall be vested,. but not before, absolutely in such persons’ as are therein described as remaindermen.
“Similar provisions are found in Item Two. which established the trust of the Carnegie Building. There she anticipates a sale of the Island property, and provides for the subsequent sale of the Carnegie Building and for a disposition of the proceeds. Then by paragraph two of Item Six the testatrix provided: ‘In all cases where I have authorized and directed my executors as trustees to maké the sale of real estate, including my Island property and the ‘Carnegie Building’ and the real estate upon which the same is located, I authorize my trustees to lay out said real estate in such plan as they may deem most advantageous for its sale and to acquire or create such ways and other easements therein or in relation thereto as seem to them advantageous, and to make sale of such real estate without any proceedings in court for that purpose, and to convey the same for such price, for such covenants of title and upon such terms *769 of payment or security as they may deem to be for the best interest of my estate, and to receive and receipt for the purchase money and proceeds of sale without any duty arising on the purchaser to see to the application of the purchase money.’
“Under the foregoing provisions of the will there can be no doubt that Mrs. Florence C. Perkins, the only surviving child of the testatrix, is clothed with the right to require the trustee to sell all or any portion of the Island property, but having been adjudged incompetent, she is not capable of making that election for herself. Under such circumstances, a court of equity, in the exercise of its broad, comprehensive, and plenary jurisdiction of trusts and the estates of wards of chancery, may make the election on her behalf, if it finds such to be to her best advantage, and to the best interest of the estate.”

This language simply means that the will in question did not “in all events” prohibit a sale or lease of the property, but that, if sold or leased, it must be done under the provisions of the will and in accordance with its terms. The entire testamentary scheme of the will bears out this construction of its terms. It is clear that the testatrix did not intend that the property in question should be used to provide an income for the beneficiaries, but that it was to be retained by the trustees for the use of the beneficiaries for residential and recreational purposes, unless sold in accordance with the provisions of the will. Furthermore, if any of the children should, under- the terms of the will, sell his or her share in the property to a third party, the purchaser could not demand a division of the property so long as any of the children of the testatrix were in life. So clearly the intention of the testatrix was that this property should be kept together so long as any of the children of the testatrix were in life to be used by them, not as a means of income, but as a place of residence and recreation. The testatrix did, however, under certain conditions provide how the property could be sold.

The provisions of the will under which the lease or sale is sought to be executed in the instant case reads as follows: “If at any time a majority of those of my said children then living (other than those who may have disposed of their interest as provided in subsections (a) and (b) of this Item) shall in writing request my said Trustees to sell the said Island property *770

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Related

Graves v. United States
239 F. Supp. 260 (E.D. Kentucky, 1965)
Carnegie v. First National Bank
129 S.E.2d 780 (Supreme Court of Georgia, 1963)

Cite This Page — Counsel Stack

Bluebook (online)
101 S.E.2d 28, 213 Ga. 766, 1958 Ga. LEXIS 275, Counsel Stack Legal Research, https://law.counselstack.com/opinion/rockefeller-v-first-national-bank-ga-1958.