Trusts and trustees — Apportionment between corpus and life tenants — Stock dividend on stock in trust — Intact value — Earnings from contract held by company at testator's death.
On appeal by the life tenants of a testamentary trust from a final decree of distribution, it was held that the lower court, in apportioning, as between the corpus of the trust and the life beneficiaries thereof, a stock dividend received on stock in the trust, under the situation shown, properly determined the intact value of the stock in trust at the time of testator's death, by adding to the capital and surplus of the company, whose stock was held in trust, the net earnings, subsequently ascertained, derived from a contract held by the company at the time of testator's death.
Argued October 15, 1935.
PER CURIAM, November 25, 1935:
After a careful study of the record in this proceeding, we are of the opinion that, under the situation shown, the apportionment of the stock dividend as made by the court below is proper. We see no reason to disturb the fee of the guardian and trustee ad litem as fixed by the court below.
Decree affirmed at appellants' cost.