Smith v. First National Bank & Trust Co.

292 N.W. 443, 235 Wis. 66, 1940 Wisc. LEXIS 168
CourtWisconsin Supreme Court
DecidedMay 6, 1940
StatusPublished
Cited by6 cases

This text of 292 N.W. 443 (Smith v. First National Bank & Trust Co.) is published on Counsel Stack Legal Research, covering Wisconsin Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Smith v. First National Bank & Trust Co., 292 N.W. 443, 235 Wis. 66, 1940 Wisc. LEXIS 168 (Wis. 1940).

Opinion

Martin, J.

It is contended on behalf of the respondent Helen Voight, (1) that the bequest of the sum of $5,000 par value of American Timber Holding Company bonds mentioned in the sixth paragraph of the will is a general bequest of the par value mentioned or an equivalent in cash; (2) that since no'American Timber Holding Company bonds are now outstanding, their equivalent in cash must be paid to Miss Voight; and (3) that the testator blended his real and personal estate in the residuary clause of his will and therefore his farm in the town of Somers, Kenosha county, is subject to the payment of the general bequests. It is likewise contended on behalf of the respondent Roy Kelly, a beneficiary under the will, that the testator’s Kenosha county farm is a part of the residuary estate and subject to the charge of the money legacies.

On behalf of appellant Fred W. Smith it is contended, (1) that under the seventh paragraph of the will, his father made a specific devise to him of the Kenosha county farm in the town of Somers; (2) that in the event the Kenosha county farm be considered a part of the residuary disposition, it is not subject to the charge of the money legacies, because the devise of the farm is not a true residuary disposition for the purpose of charging money legacies upon it, that it is a specific devise in effect, if not in form. Appellant *71 further contends, (3) that the bequest to Helen Voight of $5,000 par value of American Timber Holding Company bonds cannot be construed as a direction on the part of the testator to give her $5,000 in cash in the event that such bonds of the par value of $5,000* cannot be delivered.

We cannot adopt the construction given by the county court to the sixth paragraph of testator’s will. There is not even a single circumstance which in any' way indicates that the testator intended that Miss Voight be paid the sum of $5,000 in cash in the event that American Timber Holding Company bonds of the par value of $5,000 could not be delivered. In the absence of any direction to the contrary, we must assume that the testator intended to give something that he had or at least thought he had.

It appears that between January 15, 1917, and January 17, 1920, Mr. Smith purchased bonds of the American Timber Holding Company to the amount of $16,000, but these bonds and all other bonds issued by said company were called in and redeemed prior to January 1, 1923. Mr. Smith did own as of the date of his will and at the time of his death two hundred fifty shares of common stock of the American Timber Holding Company of the par value of $100 per share. He was a large stockholder of the American Timber Holding Company. He must have known that all bonds of this company had been called and redeemed. If he had intended a cash bequest, in any event, to' Miss Voight, no doubt he would have SO' provided. There is no showing that the value of this bequest can be measured in money. If such bonds were on the market at the time of Mr. Smith’s death, they might have been worth fifty cents on the dollar of their par value or they might have been worth an amount in excess of par. Of course Miss Voight is willing to accept $5,000 in cash, but there is nothing to indicate the testator’s intention that she was to have cash in lieu of bonds. Since testator had stock of the American Timber Holding Company in an amount in *72 excess of $5,000, it is more likely that he intended to give Miss Voight stock.

“In construing wills, all rules of construction yield to the cardinal rule that the language of a will should be so construed as to give effect to* the intention of the testator if that intention may be ascertained from the language of the will itself, considered in the light of the surrounding circumstances.” Will of Stevens, 232 Wis. 111, 114, 286 N. W. 574; Will of Asby, 232 Wis. 481, 287 N. W. 734.

The only Wisconsin case relied upon by respondent Voight to sustain the construction that the executor must pay her $5,000 in cash in lieu of the $5,000 in bonds is Will of Blomdahl, 216 Wis. 590, 257 N. W. 152, 258 N. W. 168. That case is clearly distinguishable from the instant case. There the testatrix had the stock, which she bequeathed, at the time of making her will and such stock could be acquired by the executrix after the testatrix’s death. In the instant case, the testator had no bonds of the American Timber Holding Company either at the time he made his will or at the time of his death, and he must have known for at least eight years prior to the date of his will that there were no such bonds in existence. Respondent ITelen Voight cites Fall River National Bank v. Estes, 279 Mass. 380, 181 N. E. 242, and Bailes v. Halsey, 179 Ga. 182, 175 S. E. 472. Both cases present a different factual situation and are not in point.

Of course testator intended giving something to Miss Voight, and as said above, he intended to give her something he owned at the time he made his will. It is unreasonable to say that he intended to direct the purchase of bonds of the American Timber Holding Company which he must have known were out of existence, or that he intended in lieu of the bonds that Miss Voight should get $5,000 in cash. Under all the facts and circumstances, we think it reasonably certain that the testator intended to make a bequest to1 Miss Voight of the sum of $5,000 par value of American Timber Holding *73 Company stock. In Will of Boeck, 160 Wis. 577, 152 N. W. 155, testator in disposing of two forty-acre tracts of land, devised one forty-acre tract to one son and then by mis-description of the second forty-acre tract, devised a forty which he did not own to1 a second son. The court construed the clause as intending to devise to the second son the forty-acre tract which testator owned, rather than the tract described in the will which he did not own. For cases to the same effect see Annotations 1915E, L. R. A. p. 1008, and 94 A. L. R. p. 313.

In Estate of Heins, 132 Cal. App. 131, 133, 22 Pac. (2d) 549, the testator bequeathed to the trustee named in his will “all of my common stock of the Pacific Gas & Electric Company.” The proof showed that neither at the time of making his will nor at any other time had decedent owned any of the common stock of the Pacific Gas & Electric Company, but that he did own certain shares of the preferred stock of such company. The court held that there existed an uncertainty or ambiguity not apparent upon the face of the will. The court said:

“Such an ambiguity . . . may arise when the will contains a misdescription of the object or subject; as where there is no such person or thing in existence, or, if in existence, the person is not the one intended, or the thing does not belong to the testator. . . . Where it consists of a misdescription ... if the misdescription can be struck out and enougli remain in the will to identify the person or thing, the court will deal with it in that way; or, if it is an obvious mistake, will read it as if corrected.”

The court affirmed the decree of the lower court distributing the preferred stock which the testator owned.

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Bluebook (online)
292 N.W. 443, 235 Wis. 66, 1940 Wisc. LEXIS 168, Counsel Stack Legal Research, https://law.counselstack.com/opinion/smith-v-first-national-bank-trust-co-wis-1940.