Fleet National Bank v. Colt

Samuel P. Colt died in 1921, leaving behind a substantial estate. Samuel’s will created several testamentary trusts, including a trust established in the will’s twenty-eighth clause. The Twenty-Eighth Clause Trust put Samuel’s residuary estate into trust for Samuel’s two sons, Russell and Roswell Colt, and Samuel’s brother, LeBaron Colt (collectively, the first life tenants) for life. Following the death of each first life tenant, their respective shares would go to their surviving children for life (collectively, the second life tenants). Following the deaths of the second life tenants, their respective shares would be paid over in fee simple to their surviving children. All three first life tenants survived Samuel. At the time of Samuel’s death, he had four living grandchildren, one of whom, Elizabeth Stansfield, was the daughter of Roswell. Following Samuel’s death, Roswell had three more children, including Caldwell Colt and Melba Delmouzos, both second life tenants. Caldwell had two children, Samuel Peshmalyn Colt (Peshmalyn) and Julia Wedgewood Colt (plaintiffs). Melba Delmouzos had a daughter, Merika Delmouzos (plaintiff). After Caldwell’s death, the trustee filed a petition seeking instruction as to whether the rule against perpetuities barred Peshmalyn’s, Julia’s, and Merika’s interests from vesting because Caldwell and Melba, second life tenants, had not been alive at the time of Samuel’s death. Elizabeth and Melba were still alive at the time of the petition. Russell Colt’s estate (defendant) argued that the rule against perpetuities applied and barred their interest, and Peshmalyn, Julia, and Merika argued that the rule did not apply. The trial court granted a joint motion for certification to the state supreme court.