Fahnestock v. Fahnestock

Citations

• 152 Pa. 56
• 25 A. 313
• 1892 Pa. LEXIS 1169

Syllabus

<p>Equitable conversion — Power of sale — Provisions of will.</p> <p>While a mere naked power of sale will not work a conversion of a testator’s real estate, yet where it is clear from the face of the will that it testator’s intention that the power should be exercised, it will be construed as a direction to sell and will operate as an equitable conversion.</p> <p>Where it plainly appears that effect cannot be given to material provisions of the will without the exercise of this power the conclusion is irresistible that a conversion is as effectually accomplished by the will as if it contained a positive direction to sell.</p> <p>Testator after a power of sale gave directions for the investment of certain portions of Ms whole estate, real and personal, in mortgages, etc., the interest of which was to be paid to the legatees for life. Held, that it was apparent that testator intended a conversion of all his property into money for distribution, investment and payment of income as he had directed.</p> <p>Evidence of conversion — Privilege to purchase by legatees.</p> <p>The fact that testator gave to the beneficiaries under his will the privilege of purchasing his real estate in a manner prescribed by him is an additional evidence of the intention of the testator that they should take no title to it save by purchase from his executors.</p> <p>Power of sale — Failure of executors to exercise.</p> <p>The failure of executors to exercise a power of sale directed by testator to be exercised within a fixed time does not destroy the power. During the period limited they have some discretion: after its expiration they have none.</p>