Sarrazin v. First National Bank

111 P.2d 49, 60 Nev. 414, 1941 Nev. LEXIS 35
CourtNevada Supreme Court
DecidedMarch 10, 1941
Docket3308
StatusPublished
Cited by4 cases

This text of 111 P.2d 49 (Sarrazin v. First National Bank) is published on Counsel Stack Legal Research, covering Nevada Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Sarrazin v. First National Bank, 111 P.2d 49, 60 Nev. 414, 1941 Nev. LEXIS 35 (Neb. 1941).

Opinions

OPINION

By the Court,

Taber, J.:

On October 29,1935, Emilie Sarrazin executed her last will, which contains the following provisions:

“Second: I hereby give, devise and bequeath unto my Trustee, hereinafter named, all of my estate, real, personal and mixed, of every nature, kind and description, wherever situate and however held, which is or may be subject to my testamentary disposition at the time of my death, to have and hold the same, in trust nevertheless, for the uses and purposes, with the powers and in the manner hereinafter mentioned, namely, to wit:
“(a) To pay over to my daughter, Elaine Sarrazin, now a resident of Reno, Nevada, and who is thirty-seven years of age, the sum of $35 a month until my said daughter shall reach the age of forty-five years, and thereafter to pay her the sum of $45 a month during the remainder of her life time,
“(b) To pay over to my son, Albert Sarrazin, who is now a resident of Reno, Nevada, and who is thirty-eight years of age, the sum of $25 a month during his life time, “(c) In the event of the death of my said daughter before the death of my said son, the payments herein authorized to be made to my said daughter will be paid to her children, if she leaves any, and if not, shall be paid to my son,
“(d) In the event of the death of my said son before the death of my said daughter, the payments herein authorized to be made to my said son will be paid to his *416 children, if he leaves any, and if not, shall be paid to my said daughter.
“(e) Upon the death of both of my son and daughter, without children of either living, I direct that my Executor and Trustee, hereinafter named, shall convey all of my estate, real, personal and mixed, if any then remains in its possession, to my niece, Honorine Gauthier, who resides at Connune, Saint Euzebe, Canton, Saint Bonnet, Hauter Alpes, France, or in case of her death to her children then living,
“Third: I hereby authorize and empower my Trustee, hereinafter named, to invest and reinvest the trust funds hereinbefore provided for in any securities which said Trustee deems best, whether the same are or are not investments to which Executors and Trustees are by law limited in making investments, and to change or vary investments from time to time as it deems best,
“Fourth: I authorize and empower my said Trustee, hereinafter named, to hold and continue in its discretion, any securities in which any of my property may be found invested at the time of my death, my intent being that my said Executor and Trustee shall be absolved and discharged from the absolute legal duty of converting my estate into money, and that it shall not be responsible for any shrinkage in value by reason of the exercise of the discretion hereby reposed in it.
“Fifth: I authorize and empower my Executor and Trustee, hereinafter named, in its discretion, to sell and dispose of any and all of my property, real or personal, wherever situate and however held, either at public or private sale, and at such time or times and upon such terms as may seem to it proper and advisable and to give to the purchaser or purchasers of my said property all deeds, bills of sale, and other evidences of title which may be expedient or necessary.
“Sixth: I nominate, constitute and appoint the First National Bank of Reno, Nevada, as my Executor of this, my last Will and Testament, and as Trustee of any and all trusts herein created * *

*417 When testatrix died, neither Albert nor Elaine had any children, but a child was born to Albert on October 16, 1937. The will was admitted to probate in the Second judicial district court, Washoe County, November 25, 1935, and respondent bank appointed executor and trustee. The estate, consisting of real estate, promissory notes and other indebtedness to deceased, cash, and household furniture and effects, was appraised at $42,-214.77. Most of the promissory notes were secured by mortgage or trust deed.

In January 1940 appellants, as plaintiffs, commenced an action in said district court against respondents, as defendants, praying that the purported will be held void, and the probate proceedings theretofore had thereunder set aside; that all the property of the estate be awarded to plaintiffs with the right of administration thereon; that the trustee be required to make a full accounting; that the trust be terminated, and said trustee and executor discharged; that the court construe said purported will, and if it be held void, then to distribute the estate to plaintiffs in the proportions they would receive under the law of descent and distribution, subject to such further administration as may be necessary. Said relief was asked upon the grounds and for the reasons following: (a) That said purported will violates the rule against perpetuities, for the reason that it may not and will not necessarily vest said estate within a life or lives in being and twenty-one years thereafter from the death of the said Emilie Sarrazin, deceased, or at all; (b) that the vesting of said estate under said purported will is remote for the same reason that it violates the rule against perpetuities and is therefore contrary to public policy; (c) that the vesting of said estate, under said purported will, is uncertain and indefinite as to which person, or persons, or class of persons, if any, in which it may ultimately vest, if it vests at all, and the determination thereof, if the same can be determined,' may have to await a period of time greater than a life or lives in being and twenty-one years thereafter from the death *418 of the said Emilie Sarrazin, deceased, and there were no persons, person, or class of persons in being at the death of said testatrix in which said estate must necessarily vest within the said rule against perpetuities, or at all; (d) that the vesting of the same is contingent upon uncertain events, and the person, persons, or class of persons who may ultimately take said estate is dependent upon possibilities based upon possibilities and not upon any event or events certain to happen; (e) that said purported will unduly restrains the alienation of said estate, and creates an absolute, indestructible trust therein which may last longer than a life or lives in being and twenty-one years thereafter from the death of the said testatrix.”

Section 4 of article XV of the constitution' of Nevada reads: “No perpetuities shall be allowed except for eleemosynary purposes.” There is no Nevada statute defining the rule against perpetuities. The common-law rule is usually stated thus: “No interest is good unless it must vest, if at all, not later than twenty-one years after some life in being at the creation of the interest.” Gray, The Rule against Perpetuities, 3d Ed., p. 174, sec. 201. And see 48 C. J. 937, sec. 4; 21 R. C. L. 282, sec. 2. Other than the constitutional provision above quoted, there have not been called to our attention any other provisions, either constitutional or statutory, invalidating interests which vest too remotely, or forbidding restraints on alienation.

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Bluebook (online)
111 P.2d 49, 60 Nev. 414, 1941 Nev. LEXIS 35, Counsel Stack Legal Research, https://law.counselstack.com/opinion/sarrazin-v-first-national-bank-nev-1941.