(DOWNLOAD) "Northern Trust Co. v. Cudahy" by Illinois Appellate Court " Book PDF Kindle ePub Free
eBook details
- Title: Northern Trust Co. v. Cudahy
- Author : Illinois Appellate Court
- Release Date : January 10, 1950
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 64 KB
Description
On April 25, 1941, Michael John Cudahy (hereinafter referred to as Cudahy) created a trust, naming the Northern Trust Company as sole trustee, under the terms of which he provided that monthly payments be made to himself and that upon his death the trust estate should be disposed of in such manner as he might appoint by his last will and testament. Provision was also made for the disposition of income and principal in default of his exercise of the testamentary power of appointment. Cudahy died February 14, 1947, while domiciled in California, leaving a will and codicil which were admitted to probate in that state. After his death the Northern Trust Company filed in chancery the complaint herein as trustee under the inter vivos trust for the purpose of having the court determine whether or not Cudahy in his will and codicil exercised the power of appointment which he reserved in the inter vivos trust. The chancellor found and ruled that Cudahy had exercised the power in his will and codicil, and entered a decree from which Mary Cudahy, his sister, Marjory Lithander Stanier, his niece, and Maud Lithander Cheuvronts, another niece, have taken an appeal. The decree also provided that the trustee should distribute the income and principal to the legatees and beneficiaries named in the will and codicil, and that any unpaid claims, taxes, fees, costs of administration and bequests not paid in full out of Cudahy's estate should be paid out of the inter vivos trust. There is substantially no dispute as to the salient facts. From about 1914 until he died on February 14, 1947, Cudahy was domiciled in the State of California. In 1941, a trust created by his father, John P. Cudahy, was disbursed to the latter's children, Michael John Cudahy, Anne Cudahy Clifton, Mary Cudahy and Edna Leuhusen, in four equal shares. With part of his distributive share Cudahy created an irrevocable trust, dated April 25, 1941, whereby he provided for a certain life estate payable to himself in an amount not to exceed $1,000 per month, and also reserved to himself a testamentary power of appointment so that by his will he could dispose of the entire trust estate. In default of his exercise of the power, he provided in trust that the entire net income would be payable to his mother Edna C. Cudahy if she survived him, and that upon her death, if she survived him, or upon his death if she did not survive him, the trust estate would in effect be distributed to his heirs. He left no wife or children, and was survived only by his mother Edna C. Cudahy, and his three sisters, Anne Cudahy Clifton, Mary Cudahy and Edna Leuhusen. During the pendency of these proceedings in the circuit court Edna Leuhusen died, leaving her surviving her two daughters Marjory L. Stanier and Maud L. Cheuvronts.
 "Northern Trust Co. v. Cudahy" by Illinois Appellate Court " Book PDF Kindle ePub Free){kind=link}