Willoughby v. Barrett

Citations

• 60 Pa. Super. 242
• 1915 Pa. Super. LEXIS 176

Syllabus

<p>Foreign attachment —- Stock of corporation — Garnishment — Trusts and trustees.</p> <p>Shares of stock of a corporation cannot be seized by a creditor of the owner of the stock in foreign attachment proceedings against the corporation.</p> <p>Where stock of a corporation stands in the name of a decedent, and the certificate is in the hands of a testamentary trustee, such stock cannot he taken in foreign attachment proceedings against the corporation by a creditor of the cestui-que trust. The Act of March 29,1819, P. L. 217, does not apply to such a case.</p> <p>Trusts and trustees — Active and dry trust.</p> <p>Where a testamentary trustee is given the control of the corpus of the estate, the collection of interest and dividends, and their payment to the life tenant, and the distribution of the principal as money, not in kind, to the parties entitled to it after the death of the life tenant, the trust is an active and not a dry trust.</p>