Robinson's Trust

Citations

• 218 Pa. 481
• 67 A. 775
• 1907 Pa. LEXIS 550

Syllabus

<p>Corporations — Dividends — Smp dividends ■— Dividend certificates — Principal and income — Dije tenant — Remainder-man.</p> <p>Where a corporation expends a portion of its income applicable to dividends, in the purchase of real estate and in permanent improvements, and subsequently issues to its stockholders obligations designated as dividend obligations, equal to the amount spent on real estate and improvements, such obligations are scrip dividends; and as such are the property of a life tenant rather than the remainder-man, under a deed of trust which directed that all dividends on the stock described in the deed, whether in money or scrip of any description, were to go to the life tenant.</p>