Hughes v. Drovers' & Mechanics' Nat. Bank

Citations

• 86 Md. 418
• 38 A. 936
• 1897 Md. LEXIS 132

Syllabus

<p>Devise and Legacy—Bequest of Shares of Stock for Life, but to be Transferred to the Legatee—Corporation not LAable for Transfer of the Shares by the Legatee.</p> <p>A testator bequeathed to his married daughter M. certain -property, and also shares of stock in the defendant bank and then provided as follows : “All of which is to be transferred to her in her own name to use the interest thereof as long as she may live, and at her death to be equally divided among her children, unless she becomes a widow, then she is to have full control of this bequest to do with as she pleases.” The Orphans’ Court ordered the executors of the will to transfer the stock to M. absolutely, which was done, and M. sold the same at different times and used the proceeds. Upon a bill filed by the children of M. a trustee was appointed to take charge of the property bequeathed to her for life and this trustee filed a bill against the bank alleging that it had improperly permitted M. to transfer said shares of stock. Held, that under the will M. was entitled to have the shares transferred to her own name with all the rights incident to full ownership, and that, if there was a trust, the bank was not affected with notice of it, and if the sale of the stock by M. was improper, the bank was not liable for having permitted the same'.</p>