103 N.Y.S. 874 | N.Y. App. Div. | 1907
The relator, Mary Helena Sharpsteen, a non-resident of this State, conveyed and transferred to the Tan Horden Trust Company, a domestic resident corporation, a large amount of real and personal estate in trust, to invest and reinvest and to.collect the rents, issues and profits, and after paying the expenses of administration, to “ pay over one-half of such net rents, issues and profits, income, interest and increment as aforesaid to the said party hereto of the first part (Mary Helena Sharpsteen) and the other half to .Mary-H. . Myer, the mother of the party hereto of the first part as long as the said Mary H. Myer shall live, or until such time as this trust shall be revoked' as hereinafter provided for.” It was further provided that the trust might be revoked at any time by either of the parties to the trust deed upon giving thirty days’, notice in writing to the other party, but this power of revocation could be exercised by the settler, Sharpsteen, only with the concurrent consent of her mother, Mary H. Myer, if living, and her counsel, and if the said Mary II. Myer should be dead, or for any cause' incapacitated, then the concurrent consent of Helen A. Michael, the aunt of the settler, and also that of her counsel would be necessary to effect a revocation .by the settler.
The question at issue is whéther this deed conveyed the legal title in the trust property to tlie Tan Horden Trust Company, or whether such legal title remains' in the settler, in which case it would be exempt from taxation in this State.
The relators contend that the instrument merely creates an agency, or at most a passive trust which is not recognized by our statutes, and which confers no title upon the grantee. This view is, as we consider, unsound. We find in -the instrument all the essen: tial elements of a trust of personal property. A designated bene-
Patterson, P. J., Ingraham, Laughlin and Clarke, JJ., concurred.
Order affirmed, with ten dollars costs and disbursements.