Business; Capitalists and financiers -- United States; Speculation; Wall Street (New York, N.Y.)
It is curious that the will of a man so deeply learned in the law as Mr.
Tilden was, should be questioned as to whether it was a legal document
or not. But such was the ground of the contest. The point was this: The
residuary clause empowers the trustees to apply to the Legislature for
an act to incorporate a body to be called the Tilden Trust. This body,
when incorporated, was to become the legatee. This method of procedure,
according to the opinion of learned counsel in the law, bequeathed to
the trustee under the will the power to name the public legatee of the
testator. It seems that a testator has no power to do this, according to
the recent decisions of the Courts of last resort in this country,
which, it would seem, Mr. Tilden had not read. Nobody but the testator
himself has power to name the legatee. It appears he had the decision of
the English Court in his mind, which allows of this method of
bequeathing property. Following is the residuary clause in full, bearing
upon this point: “I request my said executors and trustees to obtain, as
speedily as possible, from the Legislature an act of incorporation of an
institution to be known as the Tilden Trust, with capacity to establish
and maintain a free library and reading-room in the city of New York,
and to promote such scientific and educational objects as my said
executors and trustees may more particularly designate. Such corporation
shall have not less than five trustees, with power to fill vacancies in
their number, and in case said institution shall be incorporated in a
form and manner satisfactory to my said executors and trustees during
the lifetime of the survivor of the two lives in being, upon which the
trust of my general estate herein created is limited, to wit, the lives
of Ruby S. Tilden and Susie Whittlesey, I hereby authorize my said
executors and trustees to organize the said corporation, designate the
first trustees thereof, and to convey to or apply to the use of the same
the rest, residue and remainder of all my real and personal estate not
specifically disposed of by this instrument, or so much thereof as they
may deem expedient, but subject, nevertheless, to the special trusts
herein directed to be constituted for particular persons, and to the
obligations to make and keep good the said special trusts, provided that
the said corporation shall be authorized by law to assume such
obligation. But in case such institution shall not be so incorporated
during the lifetime of the survivors of the said Ruby S. Tilden and
Susie Whittlesey, or if for any cause or reason my said executors shall
deem it expedient to convey said rest, residue and remainder, or any
part thereof, or to apply the same, or any part thereof, to the said
institution, I authorize my said executors and trustees to apply the
rest, residue and remainder of my properly, real and personal, after
making good the said special trusts herein directed to be constituted,
Public-domain text, read in full here on John Shaqi.
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