Wilson v. First National Bank

145 N.W. 948, 164 Iowa 402
CourtSupreme Court of Iowa
DecidedMarch 14, 1914
StatusPublished
Cited by42 cases

This text of 145 N.W. 948 (Wilson v. First National Bank) is published on Counsel Stack Legal Research, covering Supreme Court of Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Wilson v. First National Bank, 145 N.W. 948, 164 Iowa 402 (iowa 1914).

Opinion

Weaver, J.

Perry Munson, a resident of Independence, Iowa, died testate December 30, 1893, and his will was duly admitted to probate. He left surviving him neither widow nor lineal descendant. He was a man of considerable wealth, and among the items of his estate were one hundred shares of the stock of the First National Bank of Independence. The validity of the disposition made by him of these shares of stock is the question we are called upon to decide. The provisions of the will in this respect read as follows:

(7) My stock in the First National Bank of Independence, Buchanan county, state of Iowa, is to be kept in my name and the dividends declared on the same are to be paid to my brother John J. Munson, and to my sister Sarah It. Mun-son at the making and payment of said dividends during the lifetime of each of said persons. On the death of both John J. Munson and Sarah It. Munson the said stock is to be turned over to the board of directors of the library and industrial training school hereinafter provided for. . . .

(9) I desire to establish at Independence, Iowa, an industrial training school for children and a library building to be used by the people of Independence, Iowa; but not having the means that I can devote to that use to at once put the same in full operation I have put into the hands of three trustees, who are hereinafter named, the sum of fifteen thousand dollars for the purpose of erecting a building suitable for use as a library and as an industrial training school building which is to be used by the free public library of Independence, Iowa, for all time free of rent or charges; except the city of Independence may be required to furnish the free use of water from the city waterworks, and the other parts to be used for an industrial training school, and in the construction of said building I desire that it shall be well and substantially built and shall also be constructed with such finish as to be an ornamental building to the city.

(10) I hereby name, constitute and appoint Wallace Francis, Michael Tims, and Jed Lake the trustees to take and use the fifteen thousand dollars in the construction of the building to be used for the free public library of Independence, and for the industrial training school and I have made a contract with them for doing the said construction and have [405]*405placed in tbeir hands the said sum of fifteen thousand dollars so that they may erect the building and put the same to use during my life, but for reasons given to them by me it is agreed that the building is to be run in their name during my life, but after iny death is to be incorporated under the laws of Iowa, and in making such incorporation I direct that the building and all funds I give to the same be so cared for that all persons who desire to be educated in such industrial training school shall have all its privileges without regard to sex, race, color or other conditions than that they are fitted for the training and shall comply with such reasonable rules and regulations as may be made for the control of said training school. I also direct that such incorporation shall be so made that others may make bequests for the extension of the school and that such bequests may be used as the donors may designate. It being my wish and desire to have this school founded on the most liberal principles as to its use for the benefit of the persons to be educated therein and to make of them useful men and women.

(11) On the death of my brother John J. Munson and my sister Sarah R. Munson the stock in the First National Bank of Independence, Iowa, shall be transferred to the board of directors of this industrial training school and used by them in carrying out the objects of the school and in case the stock in the People’s National Bank of Independence, Iowa, passes to the board of directors of the library and training school as provided in the 2d and 3d items of this will the same shall be turned over to the board of directors provided for this industrial training school to be used by them for the promotion of the objects of said training school.

(12) I also further direct that if after getting a plan of building and an estimate of the cost of the same with the furniture, fixtures and heating the same it shall be found that such a building as is desired for the library and industrial training school cannot be built for the money herewith appropriated the said trustees named, shall put this sum of fifteen thousand dollars at interest taking good security for the same until the amount and interest will be sufficient to construct the building. When said sum is sufficient to construct the building as desired, then the said trustees shall proceed to construct the building as directed. And in ease any other party will furnish the amount in addition to this fifteen [406]*406thousand dollars that is necessary to construct, complete and furnish said building then so soon as that amount is provided the said trustees shall at once proceed to construct the said building and complete the same as soon as practicable.

(13) I make, constitute and appoint my brother John J. Munson the executor of this will and I especially charge him with the carrying out of the bequest as to the building for a library aqd industrial training school so far as is necessary to have the articles of incorporation make the use of the same liberal to all and to provide for its extension by others if they so desire and in case the building is not erected before the said John J. Munson is appointed executor under this will I hope he will interest himself to see that the building is well and substantially built and that it is ornamental to the town and is well finished and furnished. As the contract I have made with the trustees, Wallace Francis, Michael Tims and Jed Lake, is to be deposited with this will so as to become a part of my requests as to what is to be done, I desire that my executor see that the terms of the same are carried out in good faith as far as he can do so by his council and advice.

The will was executed July 24, 1893. On the same day the testator entered into a written contract with Wallace Francis, Michael Tims, and Jed Lake, citizens of Independence, reciting the purpose of the testator to place in the hands of the persons named $15,000 for the erection of a building suitable for a free public library and training school at Independence, and directing them within one year after his death to organize a corporation to hold, manage, and control such property and the funds which might thereafter be donated for the promotion of its charitable purposes. On October 11, 1894, and within one year after the testator’s death, such corporation was in fact organized under the name and style of the Munson Industrial Training School. Before the death of the testator, the said trustees received from him the sum of $15,000, and thereafter did erect the building as proposed, though at the testator’s request his connection therewith was withheld from the public during his lifetime.

This action was begun in equity April 25, 1912. The [407]*407plaintiffs in their petition recite the facts of the death of John J. Munson and Sarah E. Munson, to whom the dividends upon said bank stock had been given for life under the provisions of the seventh paragraph of said will, and allege that plaintiffs are the only heirs at law of the testator, and as such are entitled to demand and receive said stock to their own use. Upon this showing they ask a decree confirming their claim, and that the bank be ordered to deliver into their hands the certificates of said shares.

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Bluebook (online)
145 N.W. 948, 164 Iowa 402, Counsel Stack Legal Research, https://law.counselstack.com/opinion/wilson-v-first-national-bank-iowa-1914.