Park's Estate

Citations

• 173 Pa. 190
• 33 A. 884
• 1896 Pa. LEXIS 681

Syllabus

<p>Wills — Legacy—Income — Profit try a, resale of principal of estate — Remainder-man.</p> <p>Testator by his will devised and bequeathed the residue of his estate, both real and personal, to his executors in trust, “to receive and collect the rents of the real estate hereby devised to them in trust, and the income and profits of the personal estate, hereby bequeathed to them in trust.... to pay the residue of the net income arising from said real and personal estate, held by them in trust,” into the hands of his daughter, yearly and every year during her natural life, the corpus of the estate to be paid to her children after her death. Held, that a profit realized by foreclosure of a mortgage and a resale of the property bought in by the trustees, was “ income and profits ” within the meaning of the will and belonging to testator’s daughter, and not to the remainder-man. The gift being general gave the remainder-man no title to any specific property, but implied conversion into cash which referred the value of the corpus to the date of the testator’s death.</p>