Quay's Estate
Supreme Court of Pennsylvania
Quay's Estate, 253 Pa. 80 (Pa. 1916)
97 A. 1029; 1916 Pa. LEXIS 786
Brown, Frazer, Moschzisker, Potter, Stewart, Walling
Quay's Estate
Opinion of the Court
The excess realized by the trustees in this estate over the value of the American Tobacco Company stock at the time of the testator’s death formed no part of the corpus of that portion of his estate placed in trust for his son, A. G. C. Quay, but Avas income or profit, not to be held for the remaindermen: Stokes’ Estate (No. 1), 240 Pa. 277.
The decree is affirmed on the opinion of the learned court beloAV directing it to be entered, the costs to be paid out of the fund to be distributed.
Reference
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- 15 cases
- Status
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- Syllabus
- Wills — Trust estates — Sloclcs—Increase on sale — Income. Where a testator directed that his estate should be converted, and distributed as cash, and created a trust fund for the benefit of certain persons for life and the trustees of such fund took certain stock in lieu of cash upon the distribution of the testator’s estate, and subsequently realized a profit upon the sale thereof, the profit so realized was not part of the corpus of the trust fund, but was distributable as income.