Second National Bank of New Haven v. Harris & Trust Savings Bank
Connecticut Superior Court
29 Conn. Super. 275, 283 A.2d 226 (1971)
- Written by Paul Neel, JD
Facts
In 1922, Caroline Trowbridge created a trust for the benefit of her daughter, Margaret. Caroline’s trust named the Second National Bank of New Haven (plaintiff) as trustee. The trust paid income to Margaret for life and gave Margaret a general testamentary power of appointment over half the trust principal. Caroline died. Margaret died 28 years later, leaving a will in which she exercised her appointment power by creating a new trust. Margaret’s will named Harris & Trust Savings Bank (defendant) executor of the will and trustee of the trust. The income of this trust was to be paid to Margaret’s daughter, Mary, for a period of 30 years, after which the principal was to be paid to Mary, Mary’s surviving children, or Mary’s descendants per stirpes. Mary had been born in 1929. The Second National Bank of New Haven sued Harris & Trust Savings Bank, alleging that Margaret’s exercise of her appointment power violated the rule against perpetuities, as did the remainder interest that Margaret created for Mary, Mary’s children, or Mary’s descendants.
Rule of Law
Issue
Holding and Reasoning (Shea, J.)
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