Wood's Estate

Citations

• 243 Pa. 211
• 89 A. 975
• 1914 Pa. LEXIS 599

Syllabus

<p>Contracts — Construction—Assignments—Equitable assignments —Decedents’ estates — Distribution.</p> <p>1. While no particular words or form of instrument are necessary to constitute a valid assignment, appropriate words which in themselves are unequivocally expressive of an intention to transfer property are of such common usage, that when these are not employed in a transaction alleged to be an assignment, the inference may be drawn that they were not employed because not expressive of the intention of the parties.</p> <p>2. The idea of assignment is essentially that of the transfer of property in which the assignee parts with the whole property in the thing assigned. An agreement under which the supposed assignor retains any control over the fund, authority to collect, or power of revocation, does not constitute an equitable assignment. The transfer must be of such a character that the holder of the fund can safely pay and is compellable to do so, though forbidden by the assignor.</p> <p>3. The distributees under a will empowered and directed the executors and trustees thereunder to pay out of the income of the estate belonging to the distributees an .annual sum of $3,000 to an uncle, deducting the same in equal proportions from the income of their respective shares, and reserved the right of revocation by unanimous agreement of said distributees and without the consent of the uncle. Upon the filing of the account the Orphans’ Court decreed that distribution be suspended until after the death of the uncle, on the ground that the direction to the executors and trustees amounted to an equitable assignment to the uncle. Held, error.</p>