Stokes' Estate

Citations

• 240 Pa. 288
• 87 A. 975

Syllabus

<p>Wills — Distribution—Stock—Dividend—Life tenants and remaindermen — Fall in market price of stock.</p> <p>1. In a contest between the remaindermen and life tenants under a trust created by will over the proper apportionment of a dividend declared on shares of stock in a company forming part of the trust fund, it is the intrinsic value of the shares to be ascertained from the amount in value of the assets at the death of the testator and at the time of the declaration of the dividend, which governs in the apportionment; a mere change in the market price of the stock after the declaration of the dividend is not in itself sufficient to show any impairment of that portion of the trust fund consisting of the stock such as would reduce its value below what it was when the trust began.</p> <p>2. It is the intrinsic value of the shares, to be ascertained from the amount and value of the assets at the. death of the testator, and at the time of the increase of stock, which governs in the apportionment of the surplus profits. The market value may aid in the ascertainment of the actual válue, and is therefore properly received in evidence on that issue.</p>