The Hot Springs star. (Hot Spings [Hot Springs], Dakota [Dakota Territory, i.e. S.D.]) 1886-189?, 1891-11-20

The real estate records Of this county
show tho transfer of two pieces Of prop
erty to the estate by Mrs. Tyler in Feb
ruary. 1883, the time when the corpora
tion was formed. One Of the items IL
the lot in Fourteenth street, which Is
wanted by the city for armory purposes,
and the other Is a business building and
lot in Crosby street. between Broome and
Spring streets. The city authorities and
the representatives Of the estate could
not agree upon the price to be paid by
the city for the Fourteenth street lot and
condemnation proceedings have there
fore been begnn. wherein the price will
be fixed by commission.
But the principal interest In the affair
attaches to the corporation itself, Many
devices have been resorted to in times
past by wealthy people who had large
estates to dispose of by will to prevent
the quarreling Of heirs over the manner
in which tho property has been distrib-
uted by the owner in his or her will. but
this is the first instance ever heard of In
which - private person, having no desire
or intention Of going into business. where
some occasion for forming limited liza
bility corporation might exist, has vol
UNFAIRLY had her property capitalized
and represented in stocks and bonds.
In some Of the states corporations for
the purpose of holding titles to real es-
tate arc prohibited by law. New York
is said to be one Of these states and nli-
nois another. But they are apparently
sanctioned by the laws of Missouri, and
the laws Of this state permit the holding
Of title to real estate by any corporation
organized under the laws of any other
state. the laws of which authorize the
existence Of corporation for the pur-
pose stated
HOW THE SCHEME MAY WORK.
Who the present officers Of the Tyler
estate are could not be ascertained, nor
any statement regarding the details Of
the organization-whether the corpora
tion has more than one executive officer,
how the property is managed by the
officers. or in what manner transfers of
real estate belonging to such a corpora
tion could be made so rs not to affect the
value Of its shares or to impair the secur-
ity of the bonds. How long q life such
a corporation could have is a question,
furthermore. which no lawyer could an
swer offhand.
But it is claimed for It that the prop.
erty can in this manner be held together
for long periods of years, whereas, un-
der ordinary conditions. no sooner is a
wealthy persons will fled for probate
than long contest begins in the courts
between the various heirs over the man
uer Of its distribution among them.
by incorporating. rs Mrs. Tyler has
done, 1t is declared that all trouble Of
this character is done away with. The
testatrix wills not her property, but 9
certain number OF shares of her estate
to each heir. who is limited by his OPP
portunities to either accept or reject
them. This. however, still leaves the
contesting heirs opportunities to fight
over the distribution of the shares.
But Mrs. Tyler expects to get the bet
ter of this class of heirs by giving away
the shares to the persons she desires to
have them before hes demise. The cor
poration. as said, is a novel one, but.
like the trust, may prove to be only the
forerunner Of many which will be Or
ganized as soon as the legal status OF the
Tyler estate shall have been passed upon
BY some competent legal tribunaL-New
York Times