1. An infant beneficiary cannot be bound by a settlement agreement, assented to by all the adult beneficiaries, which resulted in the transfer of an uncollectible asset to the corpus of the trust and lessened the infant's one-quarter share in the residue of the decedent's personal estate which the infant would be entitled to receive on the death of his father.
2. Decedent created a spendthrift trust with the definite intention that no part of it should be made available for the benefit of his son's creditors, of whom the estate is one. The trustee was given specific instructions as well as discretion by the codicil creating the spendthrift trust as to the use of trust income. He could apply such part of it as he deemed proper for the son's support, or he could withhold all of it from the son, or use part or all of it for the maintenance of the son's wife and child, but he could not apply it to any other purpose even with the son's consent. Held, no part of the income from the trust fund can be applied on account of the debt due the estate from the son, who is insolvent.
3. A substitutional gift is subject to all the incidents, conditions and limitations which attach to the original gift.
4. By a codicil to his will, decedent revoked each of the unconditional gifts made for his son and gave the same quantity of his estate (reiterating his intention to revoke his original gift to the son) to a trustee to hold in trust for life for a limited and uncertain benefit (and even no benefit) to his son, with provision that the corpus of the trust should go to the child or children of said son. Held, the gift by the codicil is not a substitution for the original gift given by the will, subject to such limitations as by law would attach to the original gift, but rather is a new and independent gift taking the place of the gift annulled by the revocation.
PER CURIAM.
The decree under review will be affirmed, for the reasons expressed in the opinion of Vice-Ordinary Fielder.
For affirmance — THE CHIEF-JUSTICE, PARKER, DONGES, HEHER, PERSKIE, PORTER, COLIE, DEAR, WELLS, WOLFSKEIL, RAFFERTY, HAGUE, THOMPSON, JJ. 13.
For reversal — CASE, BODINE, JJ. 2.