Equitable Trust Co. v. Kent

Citations

• 11 Del. Ch. 334
• 101 A. 875
• 1917 Del. Ch. LEXIS 24

Syllabus

<p>Where a testator gave pecuniary legacies and the residue to a trustee in trust for his widow and son for life, with remainder over and gave to the executor power to sell real estate, and the executor sold productive and unproductive real and personal estate, collected income consisting of rents, interest and dividends, and paid debts and legacies of the decedent, held, that the life beneficiaries were entitled to have equitable income for the first year after the death of the testator; that said income was to be ascertained by determining what sum, if it had been invested from the death of the testator for one year at the rate of four and .one-half per centum per annum would with the interest amount to the sum of money received by the trustee, the larger sum being principal for the remainderman and the smaller one income for the life tenant.</p>