Sloan v. Sloan

205 Ill. App. 187, 1917 Ill. App. LEXIS 1066
CourtAppellate Court of Illinois
DecidedApril 19, 1917
DocketGen. No. 6,392
StatusPublished

This text of 205 Ill. App. 187 (Sloan v. Sloan) is published on Counsel Stack Legal Research, covering Appellate Court of Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Sloan v. Sloan, 205 Ill. App. 187, 1917 Ill. App. LEXIS 1066 (Ill. Ct. App. 1917).

Opinion

Mr. Justice Carnes

delivered the opinion of the court.

James Sloan, a retired farmer about seventy-eight years old, residing in Peoria, Illinois, with property consisting of promissory notes and securities aggregating about $18,000, while sick at a hospital Janu- ' ary 8,1913, executed what purported to be his will disposing of all his property, giving it for the most part to his five children in equal shares. Some days after-wards when he had partially recovered from his sickness, he declared that he did not know anything about making the will, and that it was not such a disposition of his property as he desired. Afterwards Jhe expressed a desire to put his property in such a way that the making of such a will as he had been caused to sign while sick could not again occur; that he wished to make a new will and dispose of his estate so that the disposition could not thereafter be changed. His son, Dr. John F. Sloan, at his request consulted a lawyer in Peoria with reference to the matter and was advised that an irrevocable will could not be made, but that an irrevocable disposition of the property could be accomplished by transferring the estate to a trustee. This information was conveyed to James Sloan, and he suggested Daniel E. Horan to act as trustee. Horan was called by telephone and consented to so.act. A meeting was arranged at the attorney’s office, and James Sloan went to his box at the bank and got his notes and securities and took them there, and informed the attorney that he intended at his death that $7,000 should go to John F. Sloan, $7,000 to Frederick Sloan, $3,500 to Cora Sloan Clausen, three of his children, and $500 to Mary A. Cole, a woman with whom he had boarded. He discussed the matter with the attorney and was told that he could make an absolute transfer of his property that could not be revoked, and that would secure the income therefrom to him during his lifetime. He directed the attorney to draw such an instrument, and he did draw in duplicate the instrument hereinafter set out, and James Sloan, Daniel E. Horan and Dr. John F. Sloan went to the law office that afternoon, January 28, 1913, and James Sloan examined the instrument and had it read aloud and explained to him, and announced it was satisfactory, and signed both copies, and indorsed the notes therein described and handed them to Horan, with one copy of the instrument so executed. The instrument, signatures and acceptance by Horan read as follows:

“Know All Men By These Presents, that I, James Sloan, of the City of Peoria, in the County of Peoria, and State of Illinois, party of the first part, for and in consideration of the sum of One ($1.00) Dollar to me in hand paid, and other good and valuable considerations, the receipt of all of which is hereby acknowledged, have granted, bargained, sold and delivered, and do hereby grant, sell, bargain and deliver unto John P. Sloan, of Peoria, Illinois, Frederick J. Sloan, of Galesburg, Illinois, and Cora A. Clausen, of Omaha, Neb., my sons and daughter, respectively, parties of the second part, the following property:
(Describing securities.)
“To Have and To Hold the said property unto the said parties of the second part, their heirs, executors, administrators and assigns, to and for their own proper use and behoof forever, in the manner hereinafter provided.
“And I do hereby assign, transfer and deliver unto said parties of the second part, all of the notes and other evidences of indebtedness as above set forth, together with all the interest and other sums due or to become due thereon, and I do hereby assign, transfer and deliver unto said parties of the second part, all of my right, title and interest in and to any and all Trust Deeds, Mortgages and other securities executed in my favor or for my benefit to secure the payment of said sums of money respectively. Meaning and intending hereby to transfer and deliver absolutely to the parties of the second part, all of my right, title and interest of every kind and character in and to the above described property.
“It is expressly understood and agreed however, that in consideration of the foregoing transfer of the above described property ^to the parties of the second part, all of said property and all evidences thereof and all manner of securities therefor and all papers in connection therewith, shall be and are this day at the time of the execution of this agreement, transferred and delivered to Daniel E. Horan, of Peoria, Hlinois, as Trustee and acting as agent of and for the parties of .the second part for the following uses and purpos.es:
“First. It being understood and agreed and a consideration of this transfer that I shall receive the income from the above described property and any and all re-investments thereof during the term of my natural life, the said Daniel E. Horan, as Trustee, holding said property for the parties of the second part, shall collect all of the income, interest and other proceeds, if any, from said property from time to time, when due and deliver the same to the party of the first part for his support and maintenance.
“Second. The said Daniel E. Horan, as Trustee, shall collect the principal of said sums of money respectively and the notes evidencing the same, and shall re-invest the said sums of money, or the proceeds of said notes in such manner as he shall deem to the best interests of all parties concerned and in such manner as will produce a net income from time to time equal to that now derived therefrom, and he shall keep the principal of said sums of money intact and conserve the same for the parties of the second part.
“Third. At the death of the party of the first part, the said Daniel E. Horan, as such Trustee, shall, as soon as conveniently may be done, divide the said sums of money and the said property, among the parties of the second part in the following proportions; which are the proportions and interests respectively in said property hereby transferred and delivered to each of them, viz.: The said Cora A. Clausen, shall receive the sum of Four Thousand Dollars ($4,000.00) in money or its equivalent, provided, however, that she shall forthwith, upon receipt thereof, pay out of said sum to Mary A. Cole, now residing at No. 706 Hancock Street, Peoria, 111., the sum of Five Hundred Dollars ($500.00); the balance of said money and property shall be divided and distributed by said Trustee in equal proportions to the said John F. Sloan and Frederick J. Sloan, share and share alike, each of my said' sons thereby receiving, approximately, the sum of Seven Thousand Dollars ($7,000.00).
''This agreement shall extend to and be binding upon the heirs, executors, administrators and assigns of all parties hereto. In case of the death or inability to act of the said Daniel E. Horan, as Trustee, I hereby appoint Alex McDonnell, of Peoria, 111., to act as his successor as such trustee.
“In Witness Whereof, I have hereunto set my hand and seal this 28th day of January, A. D. 1913.
James Sloan (Seal)
“Witnesses:
“Daniel E. Horan.
“Jos. F. Bartley.

Free access — add to your briefcase to read the full text and ask questions with AI

Cite This Page — Counsel Stack

Bluebook (online)
205 Ill. App. 187, 1917 Ill. App. LEXIS 1066, Counsel Stack Legal Research, https://law.counselstack.com/opinion/sloan-v-sloan-illappct-1917.