Clay v. Security Trust Co.

252 S.W.2d 906 (1952)

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Clay v. Security Trust Co.

Kentucky Court of Appeals
252 S.W.2d 906 (1952)

SC

Facts

James Clay was survived by his half-brothers, Matthew Clay and Neal Clay (defendants), and his sister, Laura Clay Macey. James’s will left the residue of his estate to Laura. The will provided that upon Laura’s death, the remainder should be held in trust for Laura’s son, John Macey, until he turned 35. The will allowed for trust income to be paid to John before he turned 35. John predeceased Laura before he turned 35. Security Trust Company (plaintiff), the trustee, filed a petition seeking construction of the will. The trial court ruled that John’s interest was a vested interest. Matthew and Neal appealed, arguing that John’s interest was contingent upon his turning 35 and that because this contingency did not occur, the reminder should pass through intestacy laws.

Rule of Law

Issue

Holding and Reasoning (Duncan, J.)

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