(Download) "Bishop Trust Co. V. Burns" by Hawaii Supreme Court " eBook PDF Kindle ePub Free
eBook details
- Title: Bishop Trust Co. V. Burns
- Author : Hawaii Supreme Court
- Release Date : January 25, 1963
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 69 KB
Description
On February 21, 1938, Elsie H. Wilcox transferred certain shares of stock to Bishop Trust Company, Limited, as trustee, under an instrument which directed the trustee to pay the net income of the trust to the "Elsie H. Wilcox Foundation," a charitable trust, for and during her lifetime, and from and after her death to pay the net income, in equal shares, to certain named nephews and nieces or their lawful surviving issue, and upon default of issue, to the surviving nephews and nieces and their lawful surviving issue. The trust was to terminate twenty years after the death of the last survivor of the named nephews and nieces and at that time the trust property, together with all accumulated income, was to be distributed to the persons who were then entitled to the income of the trust. In the event, however, that all of the surviving issue of the named nephews and nieces should die prior to the expiration of the twenty year period, the trust would cease upon the death of the last of such surviving issue and the trust property would pass to those persons who would be the heirs at law of Miss Wilcox as if she had died intestate at that time. It was further provided that the settlor "shall have no power to revoke this Trust, nor to amend or alter the provisions hereof."