Carr v. California First National Bank

WOOD, J.

—The petitioner, Julia A. Carr, appeals from an order of the superior court denying her application for an order requiring respondent trustee to make payments from the

corpus

of the trust estate.

By the will of Charles Henry Oliver, who died February 18, 1929, a trust was created and the trustees were directed to convert all of the property into cash and reinvest it in securities that would net at least six per cent. In its sixth paragraph the will provided: “The Trustees are to collect and receive the income of said Trust Fund and pay the same over as it occurs and is collected to the Beneficiaries for whom it is set apart during their natural life of such Beneficiary.” Subsequent paragraphs of the will provided: “Ninth—I give and bequeath to my friend Mrs. Julia A. Carr, residing at Pokeepsie, New York, the sum of Eighteen Hundred Dollars, per year during her life. The same to be paid in monthly installments if possible, at the rate of One Hundred and Fifty Dollars per month. Tenth—-The balance of the income of said Trust Fund I give and bequeath to my brother George W. Oliver residing at Wyandanch, Long Island, New York, the same to be paid as it occurs and is collected. Eleventh—The Trust Fund must be kept in tact during the life of my brother,

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and-my friend Mrs. Julia A. Carr, and the survivor is to receive the full income of said Trust Fund during his or her life. Twelfth—At the death of both my brother and Mrs. Julia A. Carr the estate is to be closed and settled and direct that the principal of said Trust Fund to be distributed as follows.” At the time of the distribution, June 30, 1930, the estate was valued at $85,782.67. The trustee filed various accounts showing that the income of the estate was insufficient to pay to petitioner the sum of $1800 per year. Upon the filing by the trustee of its third annual account the court made an order that the costs and expenses of managing the trust should be paid out of the

corpus

of the estate. The trustee appealed from this order, which was affirmed by this court.

(Estate of Oliver,