First Nat. Bank v. Mulholland

Citations

• 123 Miss. 13
• 85 So. 111

Syllabus

<p>1. Wills. Profit of sale of real estate is not income.</p> <p>When the will devises the income of invested money, and it appears that the money.was invested in real estate, and the real estate was then sold at a profit, the profit so obtained was not income, but a part of the-capital, and the remaindermen are entitled thereto.</p> <p>2. Wills. Devisee of income held to waive right to have trustee pay him money advanced to purchase realty.</p> <p>When a devisee invests his own money in the purchase of land with the trust fund, and agrees that the title to the land shall be vested in the trustee, and also agrees that the land so bought shall be impressed with the conditions of the will, he loses his * right to claim that the trustee shall pay to him the amount so advanced.</p>