Security Trust Co. v. Cooling

42 A.2d 784, 28 Del. Ch. 303, 1945 Del. Ch. LEXIS 50
CourtCourt of Chancery of Delaware
DecidedMay 31, 1945
StatusPublished
Cited by7 cases

This text of 42 A.2d 784 (Security Trust Co. v. Cooling) is published on Counsel Stack Legal Research, covering Court of Chancery of Delaware primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Security Trust Co. v. Cooling, 42 A.2d 784, 28 Del. Ch. 303, 1945 Del. Ch. LEXIS 50 (Del. Ct. App. 1945).

Opinion

Harrington, Chancellor:

Severson B. Cooling, Sr., a resident of the City of Wilmington, died May 24th, 1931, leaving both personal and real property of considerable value. Prior to his death, he had executed a last will and testament, which was subsequently proved as such before the Register of Wills, for New Castle County, and letters testamentary on his estate were duly issued to Samuel Cooling, Severson B. Cooling, Jr. and Security Trust Company, the executors named in his will.

The complainants, the surviving executors of Severson B. Cooling, Sr., seek instructions with respect to the settlement of "his estate. Severson B. Cooling, Jr., the other executor, survived the testator, but died May 31st, 1940.

[307]*307The will of"Severson B. Cooling, Sr., in part, provides:

“Item Second: I give and bequeath unto -'my wife, Agnes Cooling, all of my household furniture and furnishings, silverware and linens in our home at No. 2304 West Seventeenth Street, in the City of Wilmington, Delaware, and all automobiles, and the accessories and equipment thereto belonging, owned by me at the time of my death.
“Item Third: I do give and bequeath unto my wife, Agnes Cooling, the sum of Ten thousand dollars.
“Item Fourth: " I do give and bequeath unto my son, Samuel Cooling, the sum of Ten thousand dollars.
“Item Fifth: I do give and bequeath unto my son, Severson B. Cooling, Jr., the sum of Ten thousand dollars.
“Item Sixth: I do give and bequeath unto the Security Trust Company, a corporation under the Laws of the State of Delaware, its Successors and Assigns, the sum of Three Hundred thousand dollars, in trust, nevertheless, to invest and reinvest the same, and to pay over the net income therefrom unto my wife, Agnes Cooling, quarter-annually, for and during the whole term of her life, beginning said payments three months after the date of my death; and from and after the death of my said wife, Agnes Cooling, in further trust to pay one-half of said net income, quarter-annually, unto my son, Samuel Cooling, for and during the whole term of his life, and to pay over the remaining one-half of said net income, quarter annually, unto my son, Severson B. Cooling, Jr., for and during the whole term of his life. And upon and after the death of either and both of my said sons, leaving issue, in the further trust to pay over the one-half of said net income, in equal shares, to the issue of each of my said sons so dying, for and during their respective lives, and upon and after the death of such issue, respectively, to pay over the said principal then remaining in the hands of my said Trustee, and the income then accumulated thereon, to the issue of any child or children of my respective sons, in equal shares, freed and discharged from any trusts. If any such issue of any child or children of my respective sons should die without leaving issue living, then to pay over his, her or their respective share of said principal, and accrued income, to the issue of the survivor or survivors of said issue, in equal shares, freed and discharged from any trusts. If either of my said sons should die during the continuance of the trusts herein provided, without leaving issue living, then in further trust to hold said principal and pay said net income to the survivor of said sons and his issue, and to pay said net income and distribute said principal to his and their issue, as hereinabove provided.
“Item Seventh: I do give and bequeath unto the said Security [308]*308Trust Company, its Successors and Assigns, the sum of Twenty-five Thousand Dollars, in trust, nevertheless, to invest and reinvest the same, and pay over .the net income therefrom unto my grand-daughter, Marjorie Ann Cooling, daughter of my son, Samuel Cooling, for and during the whole term of her life; and from and after the death of my said grand-daughter, Marjorie Ann Cooling, to pay over the said net income to her issue, in equal shares, until they respectively arrive at the age of twenty-one years, and then to pay over to him, her or them, an equal share of the principal then remaining in the hands of my Trustee, and an equal share of the then accrued income thereon, freed and discharged from any trusts.
“If my said grand-daughter should die without issue living, then to hold said principal in further trust, and pay said income thereon to my grand-son, Severson B. Cooling, 3d, for and during the whole term of his life; and from and after the death of my grand-son, Sever-son B. Cooling, 3d, to pay over said income unto his issue, in equal shares, until they respectively arrive at the age of twenty-one years, and then to pay over to him, her or them an equal share of the principal and the then accrued income thereon, freed and discharged from any trusts.
“Item Eighth: I do give and bequeath unto the said Security Trust Company, its Successors and Assigns, the sum of Twenty-five thousand dollars, in trust, nevertheless, to invest and reinvest the same and pay over the net income derived therefrom unto my grandson, Severson B. Cooling, 3d, son of my son, Severson B. Cooling, Jr., for and during the whole term of his life; and from and after the death of my said grandson, Severson B. Cooling, 3d, to pay over the said net income to his issue, in equal shares, until they respectively arrive at the age of twenty-one years, and then to pay over to him, her or them, an equal share of the principal sum then remaining in the hands of my Trustee, and an equal share of the then accrued income thereon, freed and discharged from any trusts.
“If my said grand-son should die without leaving issue living, then to hold said principal in further trust, and pay said income thereon to my grand-daughter, Marjorie Ann Cooling, for and during the whole term of her life; and from and after the death of my said grand-daughter, Marjorie Ann Cooling, to pay over said income unto her issue, in equal shares, until they respectively arrive at the age of twenty-one years, and then to pay over to him, her or them an equal share of the principal and the then accrued income thereon, freed and discharged from any trusts.
“Item Ninth: All of the rest, residue and remainder of my estate, real, personal and mixed, wheresoever situate, and to which I shall [309]*309in any manner be entitled, I do give, devise and bequeath unto the said Security Trust Company, its successors and Assigns, in trust nevertheless, to invest and reinvest said personal estate, and to rent, manage and sell said real estate, and pay over one-half of the net income derived therefrom, quarter-annually, unto my son, Samuel Cooling, for and during the whole term of his life, and to pay over the remaining one-half of said net income unto my son, Severson B. Cooling, Jr., for and during the whole term of his life; and from and after the death of either and both of my said sons, leaving issue living, in further trust to pay over one-half of said net income, in equal shares, to the issue of each of my sons so dying, for and during their respective lives; and upon and after the death of such issue, respectively, to pay over an equal share of the one-half of said principal then remaining in the hands of my said Trustee, and one-half of the then accumulated income thereon, to the issue of any child or children of my respective sons, in equal shares, freed and discharged from any trusts.

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Related

Layton v. Black
99 A.2d 244 (Court of Chancery of Delaware, 1953)
Security Trust Co. v. Cooling
76 A.2d 1 (Court of Chancery of Delaware, 1950)
Equitable Trust Co. v. Delaware Trust Co.
61 A.2d 529 (Court of Chancery of Delaware, 1948)
Cooling v. Security Trust Co.
49 A.2d 121 (Court of Chancery of Delaware, 1946)
Equitable Trust Co. v. Ward
48 A.2d 519 (Court of Chancery of Delaware, 1946)

Cite This Page — Counsel Stack

Bluebook (online)
42 A.2d 784, 28 Del. Ch. 303, 1945 Del. Ch. LEXIS 50, Counsel Stack Legal Research, https://law.counselstack.com/opinion/security-trust-co-v-cooling-delch-1945.