Stiles v. Easton National Bank

Citations

• 33 Pa. Super. 57
• 1907 Pa. Super. LEXIS 242

Syllabus

<p>Will — Legacy—Trusts and trustees — Vested and contingent estates.</p> <p>Testator by his will gave a life estate in certain stocks to his son, and appointed a trustee and a guardian for him. By a codicil testator provided as follows: “That the said trustee and guardian shall upon my said son having completed his collegiate and professional studies, and upon his being admitted .to the lawful practice of any of the liberal professions, in the event of his selecting such profession as his calling in life, or upon his completion of his term of apprenticeship to a mechanical trade or art, in the event of his selecting such as his calling in life, or upon the completion of his preparatory term of service as a merchant, in the event of his selecting the calling of a merchant as his calling in life, but in no event before he shall have arrived at the age of twenty-one years, deliver over to my said son, absolutely, the following named shares or stocks or the residue and remainder of them that may be left after the full performance of the charges and trusts mentioned, described in the aforesaid will concerning the disposition of the said stock or shares of incorporated companies in order to defray the educational expenses of my said son; all the said enumerated stocks or shares of stock,, and none other shall be the funds which is to vest in the said guardian and trustee for the benefit of my said son for performance of the said charges and trusts and according to the provisions and directions of this codicil shall vest absolutely in said son and his lawful issue. In the event of my said son dying before he arrives at the age of twenty-one years, or in the event of his dying without leaving lawful issue, then and in that case all the estate, right and interest that should have vested or did vest in my said son shall revert to. my lawful heirs.” After the son reached the age of.twenty-one he borrowed a sum of money from a bank, and his guardian and trustee, with the son’s