Scott v. Scott

This is an action brought by the plaintiff, as the-executor of the last will and testament of Eliza Jane Mackey, deceased, for the construction of the will of the deceased. She died on the 13th day of May, 1890, and her will was admitted to probate by the surrogate of Niagara county on the 20th of May, 1890, and letters testamentary were duly issued to the plaintiff, David Scott,, as her executor. The will was in fact made the 2d day of September, 1885. The will was as follows:

“First. I give and bequeath to my executor hereinafter named the sum of 8100, with the interest or income of which to take suitable care of, and keep in good repair and condition, the cemetery lot in the Chestnut Ridge Cemetery, in1 the said county of Niagara; where my late husband is buried. Second. I give, bequeath, and devise to my daughter Mary Scott, wife of David Scott, the use of one-third part of all my property and estate for and during her natural life, and subject to such use I give and devise said one-third part to her daughter, Luel'Ia Scott, forever. Third, I give, bequeath, and devise to-my daughter Eliza Jane Dumville, wife of Joseph Dumville, the use of one-third part of all my property and estate for and during her natural life,, and subject to such use I give and devise the said one-third part to her children forever. Fourth. I give, bequeath, and devise to my .son, William, K. Mackey, the use of the remaining one-third part of all my property and estate for and during his natural life, and subject to such use I give and devise the said remaining one-third part to his child or children forever; but, should my said son die without any child or children him surviving, then it is my will that said remaining one-third part shall go to my said daughters- and their children, or the survivor or survivors of them, to have and to hold the same as hereinbefore bequeathed and devised in the second and third clauses of this will. Whatever my son may be owing me at the time of my decease is to be treated in the settlement of my estate as an advancement to him. Lastly, I make, execute, and appoint my son-in-law David Scott, of the said city of Lockport, to be executor of this my last will and testament, hereby revoking all former wills by me made.”

The testatrix left no real estate, but left personal property, consisting of bonds and mortgages, notes, a small amount of household

“When a life estate is bequeathed in a sum of money, with remainder over, the legatee is entitled only to the income, and the principal, subject to the-life estate, belongs to the remainder-man; and, unless otherwise directed by

the will, it is the duty of the executor either to invest the money, and pay the interest to the first legatee during life, and preserve the principal for the remainder-man, or, on paying it over to the legatee, to require security from him for the protection of the remainder-man in respect to the principal.”

And again, in Livingston v. Murray, 68 N. Y. 492 , 493, the court says:

‘‘When the remainder-man is willing and able to give security for the fund, it has been considered just that he should receive it so that he could manage it and reap all the income he could make, free from the charge of commissions by an executor or trustee. In such case care should be taken to secure the corpus of the fund or estate for the remainder-man, and the security taken should be adequate for that purpose.”

I have reached the conclusion that if the owners bf the life estate give adequate and satisfactory security, to be approved by a justice of this court, to those entitled to the remainder, within three months from the entry of the judgment herein, they should be respectively entitled to take one-third of the estate, deducting the $100 mentioned in the first clause of the will, the expenses of the executor, and any taxes which may have been assessed or may have been paid by the executor, together with such fees as the executor may by law be entitled to receive, into their own care and control. In the case of William K. Mackey, a bond should be executed to his sister Mrs. Dumville and her children, and also another bond to Mrs. Scott and her daughter; and in case he should have a child, who would be entitled to take under the will upon his decease, that he shall also execute a bond as security to such child, in such amount, in such form, and under such conditions as the court may hereafter prescribe. That the security to Mrs. Dumville and her children shall be equal to double the amount of one-half of the property received by him from the executor, and the security to be given to Mrs. Scott and her daughter shall be double the amount of the remaining half received from the executor. That the security given by the other life owners, respectively, Mrs. Scott and Mrs. Dumville, to the persons entitled to take the remainder of their estates, shall be in double the amount received by them, respectively. That each instrument of security shall be executed by at least two sufficient sureties, who shall be freeholders within this state, and each shall justify in a sum equal to the amount of the bond. That any party interested in the estate can at any time apply to the court to increase such security, or to substitute other sureties upon the bond, •or any of them. That each of said bonds shall be in substance, and to the effect, that said owner of the life estate shall carefully preserve the property by him or her received, and only have and receive the use thereof, so that at the decease of the life owner the principal of the estate received by him or her shall be unimpaired and complete, and not diminished or decreased by any act of the said life owner. I do not assume to indicate the exact form of these bonds, but they may be prepared and submitted to the court for approval. Any of the persons entitled to the use of this property for life may permit his or her share to remain with the executor, and in that event the executor will keep the share secured