(DOWNLOAD) "Commonwealth v. Safe Deposit and Trust Co." by Virginia Supreme Court # Book PDF Kindle ePub Free
eBook details
- Title: Commonwealth v. Safe Deposit and Trust Co.
- Author : Virginia Supreme Court
- Release Date : January 13, 1930
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 61 KB
Description
Thomas Cover, Sr., a resident of Winchester, Virginia, by a deed executed on the 17th day of January, 1918, conveyed to the Safe Deposit and Trust Company of Baltimore, Maryland, in trust, a large amount of securities. By the terms of the trust, the trustee, after deducting expenses including taxes and commissions, was directed to pay over semi-annually the income therefrom to the children of the creator of the trust and the descendants of his deceased children, such payments to be made per stirpes. Certain provisions were made for surviving husbands and wives of deceased children, which are immaterial here, for Mary M. Steck is a living child of the creator of the trust. The trustee was given full power to vary the investments and to register in its name as trustee all registered securities. Payments were only to be made direct to distributees. The trust was to continue until the death of all the children of the creator and until his youngest grandchild living at his death reached the age of twenty-one years, when the principal was to be divided among all his descendants per stirpes. Right was reserved to alter or modify the trust, but not to revoke same or withdraw any part of the principal. Pursuant to this reserved right, two modifying instruments were executed, but by neither of them was the interest of Mary M. Steck affected. The trustee accepted and has carried out the provisions of the trust. All proper taxes on the securities constituting the trust have been paid by the trustee to the State of Maryland and its political subdivisions, and Mrs. Steck has paid all income taxes due by her to the State of Virginia.