Teel v. Hilton
Teel v. Hilton
Opinion of the Court
This is a bill for instructions. The conclusions to which we have arrived are as follows :
2. The case shows that on August 16, 1889, the administrator on the estate of Alfred S. Potter, one of the mortgagors of the real estate on the corner of Broad and Stewart *229 streets, referred to above, paid to the testatrix $7,500 on account of the principal of the note for $12,000 secured by the mortgage, and that on October 15th following she made deposits in the following banks in Providence : In the Old National Bank, $4,000 ; in the Peoples Savings Bank, $2,000 ; in the Citizens Savings Bank, $1,500 ; in the latter two of which she already had deposits.
That on December 24, 1889, she purchased a mortgage for $5,000 on the estate of John M. Dean, and on the same day withdrew from the Old National Bank the deposit of $4,000 and $875 from the deposit in the Peoples Savings Bank, which sums, with interest at the rate specified in the Dean mortgage, make up the principal of the mortgage of $5,000.
That on September 17, 1890, the testatrix purchased the Popple Cottage estate at Conanicut Park in Jamestown; that on the previous day she gave her note for $1,834.23, without interest, to P. A. Cranston, cashier, and pledged as collateral for its payment $1,000 of her deposit in the Peoples Savings ■ Bank and $1,000 of her deposit in the Citizens Savings Bank, which sums were afterwards drawn by the payee of the note.
*230 3. The Popple Cottage estate having been purchased with a part of the proceeds of the mortgage for $12,000, and being a part of the trust property under the trust of the third clause, neither Florence B. Teel, the devisee under the fifth clause of the will, nor the residuary devisees, took any interest in that estate. Though the devise in the fifth clause to Mrs. Teel is of all the testatrix’s real estate on the island of Oonanicut in Narragansett Bay, it goes on to specify of what that estate consists, and the Popple Cottage estate is not embraced within the specification, as indeed it could not have been, since it was not purchased by the testatrix until long after the date of the will. The devise to the residuary devisees is limited to the estate remaining after all the provisions of the will have been carried out.
We therefore answer the specific requests for instructions contained in the bill as follows :
1. That the income from the $5,000 invested in the Dean mortgage, the net income from the estate on the corner of Broad and Stewart streets, and the net income of the Popple Cottage estate, should be paid over to Isabel J. Hicks and Sarah E. Hilton during their natural lives.
2. That the complainants have power to manage the Broad and Stewart street estate and to receive the income and pay therefrom the necessary and proper expenses of management, accounting to Isabel J. Hicks and Sarah E. Hilton for the net income during their lives.
3. The executors under the third clause of the will have the power to sell the Broad and Stewart street and the Popple Cottage estates, or either of them, for re-investment, in their discretion.
4. The corpus of the trust fund, of whatever it may consist, remaining on the death of Mrs. Hicks and Mrs. Hilton, is to be applied to the carrying out of the provisions of the will, to wit, the payment in full of the legacies which may then remain unpaid in whole or in part ; and after all the provisions of the will have been carried out, whatever remains, if anything, will pass to the residuary legatees and devisees.
5. The Popple Cottage estate, as already stated, did not pass to Florence B. Teel under the fifth clause of the will.
Reference
- Full Case Name
- H. Russell Teel Et Al., Exrs., vs. William D. Hilton Et Al.
- Cited By
- 1 case
- Status
- Published