Cobb v. Fant

Citations

• 36 S.C. 1
• 14 S.E. 959
• 1892 S.C. LEXIS 65

Syllabus

<p>1. Life Tenant — Accumulations.—A mother transferred hank stock to a trustee in trust “to pay the dividends, income, issues, and profits thereof, as they may accrue, to me for and during the term of my natural life, and at my death to continue the collection of the same and divide them, that is, the income and profits, equally between my said daughters, for and during the terms of their natural lives,” with directions for sale and division of the stock among the issue of the daughters in remainder. At the time of the transfer, undivided profits had already accrued, and, while dividends were declared and received by the mother every year, other profits were made and accumulated until the bank closed its business and distributed its assets, when the accumulated profits amounted to 400 per cent, in all. Held, that the cestui que trust for life was entitled to all the profits which accumulated after the date of the deed, hut that profits already accrued at that date were a part of the corpus of the trust estate.</p> <p>2. Trustee — Commissions.—In such ease, the trustee is entitled to commissions as his compensation, the amount whereof is fixed by law at 2t¡ per cent, on all moneys received and 2J per cent, on all moneys paid out.</p> <p>3. Ibid. — Counsel Fees. — Whether the trustee is entitled to an allowance for counsel fees can be determined only by reference after notice to the parties.</p>