Miles's Estate

Citations

• 273 Pa. 124
• 116 A. 668
• 1922 Pa. LEXIS 531

Syllabus

<p>Will — Devise—Life estate — Trusts and trustees — Interest—Compound interest — Direction to sell — Condemnation of property devised — Word \buy\</p> <p>1. Where a testatrix who died in 1904, having suggested in his will that certain real estate was on the city plan, and having recited that it had been condemned, although such was not the case, directs that “in case the city buys the property” after her death and before the death of her brother, the trustees of her will shall set aside $50,000 out of the proceeds and pay the income thereof to her brother by monthly installments, for life, and the city condemns the land in 1906, the brother dies in 1914, and the damages including allowance of six per cent for delay are paid in 1921, the brother’s estate is entitled to the $50,000 principal out of the damages and interest on the same at six per cent from 1906 to 1914, amounting to $21,500, and interest thereon from 1914.</p> <p>2. The testatrix in using the word “condemned” meant simply to state her knowledge that the real estate was marked on the city’s plan for future condemnation, and by the phrase “in case the city buys the property,” used after the word “condemned,” she meant in case the city actually appropriated and became liable to pay for the property.</p> <p>3. In such case the common law rule fixing a life tenant’s interest at one-third of the total purchase price of the premises involved, has no application.</p> <p>4. Nor is interest on the installments payable between 1906 and 1914 allowable.</p>