82 N.J. Eq. 118 | New York Court of Chancery | 1913
The bill discloses that the will of Lenora Flowers directs that her real and personal estate he held in trust by her executor, defendant herein, during the lifetime of Aaron ICraft, grandson of testatrix; that the executor is directed to pay to the grandson $4 per week, during his lifetime, from the income of the property, and to paj' to him the entire net income of the property during his lifetime in the event of the decease of his wife; that at his death the entire trust estate is to go to certain designated devisees; that since the decease of testatrix complainant has purchased from the life cestui que trust his rights under the will, and has also purchased from the several devisees their several
A demurrer has been filed by defendant, and in support of the demurrer, it is claimed that the equitable life estate of Aaron Ivraft is not assignable and that this court is without jurisdiction.
The provision of the will in behalf of Aaron Kraft is as. follows:
“Fourth. 1 give and bequeath to my grandson Aaron Kraft the sum of four dollars per week, to be paid to him by my executor weekly during his natural life from the income from my properties, the balance, if any, after the properties are kept in good condition to be put on interest by my executor, but should my grandson Aaron Kraft present wife, Lottie Kraft, ‘nee’ Jolnie, depart this life before the death of my said grandson Aaron Kraft, I then do order and direct that he shall receive from my executor tihe entire profits from my properties after they are kept in good condition the remainder of his natural life.”
■It is urged in behalf of demurrant that the provision oE the will above quoted creates a spendthrift trust in behalf of Aaron Kraft, and that his rights under such a trust are inalienable.
It is clearly unnecessary to here determine whether, or to what extent, in this state a testator may lawfully exempt an equitable life estate created l)3r his will from voluntary or involuntary alienation by the cestui quo trust. In Camden Safe Deposit and Trust Co. v. Schellinger, 78 N. J. Eq. (8 Buch.) 138, I had occasion to refer to the conflict between what is known as'the English rule and the rule which has been adopted by some of the American states, and to suggest that our court of last resort has not, so far as 1 am aware, been called upon to determine the rule. that controls in this state. The great diversity of views on tills subject will be sufficiently disclosed by the following collections of adjudicated cases: 8 Rose’s Notes to U. S. Rep. 755; note to De Peyster v. Michael, 57 Am. Dec. 488; note to Smith v. Towers, 9 Am. St. Rep. 404; note to Garland v. Garland, 24 Am. St. Rep. 686; 24 Am. & Eng. Encycl. L. (2d ed.) 870; 26 Am. & Eng. Encycl. L. (2d ed.) 137.
In the absence of an express or implied provision against alienation the assignment from Aaron Kraft to complainant must, under the averments of the bill, be sustained.
The entire estate having at this time become vested in complainant, there can be no doubt of the jurisdiction of this court to grant the relief sought. Huber v. Donoghue, 49 N. J. Eq. (4 Dick.) 125.
I will advise a decree overruling the demurrer.