Chapman v. Council of Charleston

Citations

• 30 S.C. 549
• 3 L.R.A. 311
• 9 S.E. 591
• 1889 S.C. LEXIS 130

Syllabus

<p>1. Choses in action are not personal property within the meaning of the act of 1824 (Gen. Stat.. $ 1976), and, therefore, may be sold by the executors unless their sale is forbidden by the terms of the will; and where executors have the power to sell, a sale may be made by any one or more of them. City stock is a chose in-action.</p> <p>2. A testator gave to his executors “power to sell and dispose of such parts [of the estate] as they may think expedient, except such public securities as I have directed should constitute the sum of 525,000 for each of my said daughters.-’ He gave to each of his three daughters $25,000, to be “taken in the most secure investments I have, such as stocks or bonds of the city of Charleston or stocks of the State of South Carolina,” to be held by trustees for them. He further provided, that his whole estate should be kept together until his youngest daughter married or attained the age of 21, and then divided, the sum of $25,000 in public securities to be transferred to trustees for each'of his daughters, and upon the death of any daughter without issue, her share was to determine and pass to his other children. At the date of his will and at his death, testator owned only $73,710 in public securities. One daughter died before testator, and two shortly afterwards — the youngest under age, and all unmarried and without issue. After that, the executors sold $20,000 of Charleston city stock, standing in testator’s name. Held, that the legacies to the daughters were neither specific nor demonstrative, and that in the events which had happened, the executors were not forbidden by the will to sell, but were expressly authorized so to do.</p> <p>3. Under proceedings in court, to which the city council was not a party, this §20,000 in city stock was allotted to the widow of testator, but it was never transferred to her on the books of the corporation, and after-wards, while still standing in the name of the estate, was sold by the executors