228 Mass. 468 | Mass. | 1917
The residuary clause of Nathaniel Weston's will as modified by the codicil, after making certain bequests to his
The estate however having been represented to be insolvent and commissioners having been appointed under R. L. c. 142, § 2, whose report is now pending for confirmation, the plaintiff asks to be instructed whether as admimstrator with the will annexed he shall pay to Pratt the donee’s share of the principal in whole
But, as he further contends the rule applies only to gratuitous appointees and that being an appointee for value he is entitled to the bequest notwithstanding the insolvency of the estate, the business relations of the parties referred to in the will, which led to the bequests, are important. The defendant not only admits but joins in all the material allegations of the bill, from which as well as from the agreed facts it appears that the donee and Henry E. Weston executed an agreement under seal reciting that the Westons were promoting the organization of a corporation to operate a gold mine, and agreed when the corporation was organized to deliver to him properly signed and executed twelve thousand shares of the capital stock “fully paid and non-assessable ” for the sum of $25,000. They also jointly and severally covenanted to save him harmless thereon, and further to secure the defendant for his investment, guaranteed the repayment of the money with interest at six per cent per annum payable annually, the principal sum to be repaid within three years from the date of the agreement. It was further stipulated, that “. . . as security as aforesaid each of the said Westons to make in due forma last will and testament devising and bequeathing the property
The decree of the single justice being in conformity with these views should be affirmed.
Ordered accordingly.