Trusts and trustees: no power to alter terms of trust; discretion and powers; when — are personal; substituted trustees; acceleration of time for appointment. Wills: interpretation; — from language used.
Trustees have no power to alter the nature and object of the deed or will appointing them, or under which they derive their powers, nor to dispense with the exact performance of the conditions imposed upon them. p. 215
The directions of a testator, when plain, unambiguous and in violation of no established principle of law, must of necessity prevail. p. 217
In interpreting wills, the question of intent is to be sought from the language used by the testator; it is not a question of what the testator may have meant, but simply what is the meaning of the words he used. p. 215
Nor does any such power reside in a court of chancery. p. 215
Where power is given to an executor or trustee by reason of special confidence in the individual, or to be exercised only upon their personal judgment or discretion, no such power will pass to a substituted trustee. p. 214
By his will, M.S. left his estate to his wife and certain other trustees in trust, with certain broad and discretionary powers, and further provided that upon the death of his wife, the other trustees were to assign and convey the trust estate to the Safe Deposit and Trust Company, for the purposes of the trust; it was also provided that in the event of the estate passing into the hands of the said Trust Company, the discretionary powers theretofore given to the trustees should be exercised by the President of the Trust Company alone: Held, that upon the resignation of the wife (the other trustee having died or refused to act), the property was to be conveyed to the Trust Company, and the discretionary powers referred to were to be exercised by its President, in the same manner as would have been the case upon the wife's death. p. 214
The creator of a trust has full power to provide for the appointment of a successor or successors in the trust, in case the original trustee refuses to act, dies or is removed. p. 212
If the substitution of a new trustee is provided for in the will, either by naming the person to be substituted trustee, or by giving the power of appointment to another person, the substituted trustee, named in accordance to such provisions, takes under the will and derives the power to act from the testator. p. 212
The discharge of the duties of a trustee with relation to the trust may be performed by such substituted trustee, even though such substitution was made at a different and earlier time from that which the testator or creator of the trust contemplated. p. 213
The acceleration of legacies under certain conditions has long received judicial sanction. The same principle may be applied to the administration of a trust. p. 213
In general, and unless the intention of the testator appears clearly to be otherwise, where any of several trustees disclaim, the remaining trustees or trustee will not only take the entire legal estate, but also all the powers and authorities vested in the trustees as such, and which are requisite for the administration of the trust. pp. 213, 214
Equity will never allow a trust to fail for lack of a trustee. p. 213
Where a provision in a will leaving property in trust declared that in the discretion of the trustees, the portion of one of the cestuis que trustent should, under certain conditions be paid to him absolutely, it applies to the whole of such child's portion, and not to any part less than the whole. pp. 216-217
Decided December 7th, 1915.
STOCKBRIDGE, J., delivered the opinion of the Court.
Michael Stein, who had been the head of a banking firm in the