92 N.J. Eq. 423 | N.J. | 1921
The opinion of the court was delivered by
Charles J. Canda departed this life testate and by his last will bequeathed the residue of his estate to his two sons, Charles A. 'Canda and Abeel Canda, as executors and trustees upon trust to pay to his widow from time to time such sum, either from income or principal, as she might call for, and to apply any surplus income to the liquidation of his indebtedness, and then bequeathed certain shares of the preferred capital stock of the Chrome Steel Works and the capital stock of the Canda Realty Company to three of his daughters. The sixth clause of the will declares:
“After the death of my said wife, the liquidation of my said indebtedness, including _my indebtedness to my said wife, and the liquidation of the indebtedness of the Chrome Steel Works I give, devise and bequeath all the rest, residue and remainder of my said estate to my two sons, Charles A. Canda and Abeel Canda, to be equally divided between them.”
Charles A. Canda died testate and bequeathed to his wife, Ida Holmes Canda, the complainant, his interest in the estate of his father. Subsequently, the legatees named in the will of Charles J. Canda and Ida Holmes Canda entered into a written agreement by which the gifts of the capital stock above recited to his three daughters were abrogated, and all of the property of the estate of the testator instead of being divided as provided
The first was the death of testator’s wife, which has occurred. Second, the payment of his indebtedness to his wife, which has not been paid, but it is admitted that the executors have ample funds of the estate to- pay the debt due her estate in the regular course of administration, and postponement of distribution cannot rest upon the neglect of the defendant executors to pay this debt. Third, the "liquidation of the indebtedness of the Chrome Steel Works.” It is admitted that' all of the indebtedness of the Chrome Steel- Works for which testator was obligated either as