People v. California Safe Deposit & Trust Co.

HALL, J.

Appellant, by his general guardian, filed a petition in the proceedings in insolvency and liquidation pending against the California Safe Deposit & Trust Company, a corporation, to obtain a decree determining that he is entitled to share in the proceeds to be realized out of certain mortgages, executed and made by said “Trust Company to the treasurer of the state of California, under the provisions of the act entitled ‘An act authorizing certain corporations to act as executor and in other capacities, and to provide for and regulate the administration of trusts of said corporations,’ ” (approved April 6, 1891, [Stats. 1891, p. 490], and amended from time to time thereafter. See Appendix to DBering’s Code, ed. of 1909, p. 800.)

The “Trust” company, the receiver, and the state treasurer were made parties to the petition.

The receiver of said “Trust” company filed a general demurrer to appellant’s petition, which the court sustained; and petitioner declining to amend his petition, judgment was thereupon entered against petitioner dismissing his petition. From this judgment petitioner in due time appealed to this court.

The “Trust” company ever since its incorporation in 1882 has been authorized by its articles of incorporation to accept and execute trusts of every description. In 1887 it amended its articles so as to also authorize it to act as executor, administrator, guardian, assignee, receiver, depositary and trustee; and in> July, 1896, it again amended its articles so as

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to authorize it to also transact a general commercial and savings bank business.

The demurrer presents the question as to whether or not the facts pleaded are such as establish between appellant and the trust company any such relation of beneficiary and^ trustee as entitles him to any benefit under the securities deposited with the state treasurer under the act above mentioned.

J. G. Wickersham died June 20, 1899, leaving a will executed November 12, 1896, which among other things contained the following provision:

“It is my wish and desire that my grandchildren should be remembered, and therefore request that there be deposited in the Savings Department of the Cal. Safe Deposit and Trust Co., of San Fransisco, Cal., in trust for the benefit of my grandson and namesake, son of my son Frank, the sum of one thousand dollars, with the accumulated interest to be paid upon his arriving at the age of twenty-one—and five hundred dollars to each of my granchildren on same conditions, in case of death of any one that part to go equally to the survivors. ’ ’