12 Barb. 113 | N.Y. Sup. Ct. | 1851
By the Court,
This was an appeal from a decree of the surrogate of the county of Westchester, made upon the final settlement, and for the distribution of the estate of Isaiah Underhill, deceased. Its decision turns, exclusively, upon the legal effect of the deed from the respondent, Alfred Underhill and Emeline his wife, to Nathaniel Fisher, deceased, the appellant’s testator. Isaiah Underhill died seised of certain lands, situate in Yorktown, in the county of Westchester, the one-fifth part of the proceeds of the sales of which is the subject in controversy. He left a last will and testament duly executed and published, and therein devised the uses and profits of the land to his wife Patience, from the time of his decease until his youngest child should arrive at the age of twenty-one years; for the purpose of enabling her to educate and bring up his children. And if she failed to bring up and educate the children in a suitable manner, then his executors were empowered to let out the lands and apply the avails thereof to the education and maintenance of the children. And within six months after such youngest child should arrive at the age of twenty-one years, the executors were also empowered to sell the lands at public auction, and after making provision for the widow’s dower therein, the proceeds were t‘o be equally divided amongst his children, share and share alike. The will was duly proved, and letters testamentary thereon were issued to the executor, Oliver Cornell, who is one of the respondents. The
The authority given to the executors to sell is valid only as a power in trust; for it is not pretended that the event ever occurred which entitled them to the rents and profits, and thereby to the possession. The lands are not devised to the executors, to sell, but there is a mere naked power for that purpose. No estate, therefore, vested in the executors, but the estate descended to the heirs at law, subject to the execution of the power. The existence of an authority to convert real estate into money, impressed it with the character of personal property; and courts of equity will, for many purposes, regard it as such, unless the parties in interest elect to take it as land and not as money. The law is settled that, if money is directed by a will, or other instrument, to be laid out in land, or land is directed to be turned into money, the party entitled to the beneficial interest may, in either case, if he elects so to do, prevent any conversion of the property from its present state, and hold it as it is.” (2 Story's Eq. Jur. 111, 112, § 793. 1 Roper on Leg. 372. Rashleigh v. Master, 1 Ves. 201, note a. Wheldale v. Partridge, 8 Ves. 226. Kirkman v. Miles, 13 Id. 338.) Had all the children of Isaiah Underhill, deceased, elected to take the estate in lands, notwithstanding the power of sale in the will, their right to do so, even against the will of the executor, would have been clear and indisputable. And, that which all the cestuis que trust might do in respect to the whole of the trust property, one of them could do in respect to his undivided interest; so far, at least, as to transmit his share, by the usual and ordinary deed of conveyance to another. Alfred Underhill’s deed to Nathaniel Fisher, (which is a deed of bargain and sale for the consideration of two hundred dollars, and in which his wife joined,) must be deemed an election, so far as he could elect, to take the estate unchanged; and must have the effect to transmit such interest and estate as he had in the premises, to the grantee.
The present case is altogether too plain for doubt. The decree of the surrogate should be reversed; and the appellants are entitled to a decree for the one-fifth part of the real estate, being the share of Alfred Underhill therein, as ascertained by the surrogate, together with their costs to be paid by the respondent,
Alfred Underhill.
Morse, Barculo and Broten, Justices.]