Sheaff's Estate

Citations

• 231 Pa. 251
• 80 A. 361
• 1911 Pa. LEXIS 824

Syllabus

<p>Trusts and trustees — Will—Termination of trust.</p> <p>1. Where a testator directs his executors to pay a sum stated annually to his wife out of the rents of a specified piece of real estate until the property is sold, when a sufficient sum is to be set aside in good securities to produce the annuity to the wife, and the executors sell the specified real estate and invest a portion of proceeds in other real estate, and the title is taken in the name of one of the executors who executes a deed of trust declaring that she holds the property to secure the annuity to testator’s widow for life “and after her decease for the use and behoof of the residuary devisee” of testator, and it appears that by the terms of testator’s will the securities for raising the annuity were given to testator’s children after the decease of the widow, with no direction that the security should be sold or converted by the trustee, the trust ends immediately upon the death of the widow, and if thereafter the trustee dies, a substituted trustee will not be appointed.</p> <p>2. In such a case no formal conveyance from a trustee is required to vest the legal title in the residuary devisees. Equity will treat the conveyance as having been made, and the devisees as owners may sell and convey, and the purchaser will take a title free and discharged from the trust.</p>