Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1891-10-24
AN ODD CORPORATION.
WHAT MRS. MARY TYLER DID To
SAVE HER HEIRS TROUBLE.

she Tran.f.r.d nearly Al usr Propstt,
TO an Incorporated Organization Called
"rhe Tyler E.tsts"-Rsai Estate In
several citis.
Among the property items which tho
ety is trying to acquire title to for tho
proposed Ninth regiment armory In
Fourteenth street IL n lot belonging 10
the Tyler estate. Tho Tyler estate is u
novelty among the corporations Of the
country II Is not the estate Of do
ceased person. n one would naturally
infer from the title. but Is tho estate Of
wealthy western widow. who has had
her real estate holdings capitalized and
stock company formed TO take and hold
the titles TO It, Iior object is said TO be
to 40 arrange the titles to her property
that when she comes to dispose Of IL by
her will there will be the least possible
opportunity left TO disappointed relatives
TO contest her win and drag her name
and private history into the courts and
before the public
The certificate Of incorporation Of tho
estate rociies that II was organized I'M
der the laws Of Missouri a. a corporation
for manufacturing and business pur-
poses, and IA called 1.-The Tyler Estate
Il was organized undor tho legal advice
and direction Of Henry Hitchcock, Of the
". Louis bar. a lawyer Of that western
city, who Il said TO have assured his eli.
en-. that the laws Of Missouri authorized
the organization aud formal incorpora-
ton Of real estate corporations
The founder and principal proprietor
Of tho Tyler estate Is Mrs Mary Law
renee Tyler. widow Of Robert Tyler, Of
Louisville She Il said TO DO worth sew.
crIL millions, principally In lands aud
property In this city. Philadelphia, Lou.
isville. ST. Louis and other places, all Of
which. however. she has conveyed 10 tho
Tyler estate. taking tho stock Of the pc
euliar corporation In payment The 90
tate Is capitalized at $500 900. but that
does not begin TO represent the actual
value Of tho property II owns
InE Law IN SEVERAL srATIs
The real estate records Of this county
show the tTnnsicr OF two pieces OF prop.
sriy 10 the estate by Mr.. Tyler In Feb
ruary. 1883. the time when tho corpora
ton was formed. Ono OF tho items Is
the lot In Fourteenth street. which "
wanted by tho city for armory purposes,
and the other Is business building and
lot Va Crosby street. between Broome and
Sprung s,rostA Tho city authorities and
the representatives Of the estate could
not agree upon tho price to DO paid by
tho city for tho Fourteenth street lot and
condemnation proceedings have therc-
fore beon begun. wherein the price will
be liked by commission.
But tho principal interest in the affair
sttacho, 10 the corporation itself Many
devices have been Tesorted TO in times
pl.t by wealthy people who had largo
estates TO dispose Of by will TO prevent
tho quarrcling OF heirs over the manner
In which the property has been distrib-
uted by tho owner In his or her will, but
this Is the lTst instance ever heard Of In
which q private pcraon. having no desire
or intcptlon 81 going into business, whore
some obcaaon for forming limited liza
bil,ty 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 81.
tate are prohibited by law New York
& said 10 DO Que OF these states and ILL
nois another But they arc apparently
sanctioned by tho laws OF Missouri. and
the laws OF this state permit tho holding
OF title 10 real estate by any corporation
organized under tho laws OF any other
-. - ..l.aaA s.s.tA..at.. L.
existenc. OF a corporation for tho pur.
pose stated
HOW THE SCHEME NAY WORK.
Who the present officers OF tho Tyler
estate are could not DO ascortained, nor
any statemene regarding the details OF
the nizAiion-whether tho corpora.
tion has more than ono executive officer,
how tho property Ia managed by the
oilicerA, or In what manner transfers OF
real estate belonging to such corpora
ton could be made 70 rs not 20 affect III,
value OF its shares or to impair the seour
ity OF the bonds How long u life such
corporation could have Is question
furthermore, which no lawyer could an
swer otihsud.
But II Ia claimed for Il that the prop
erty can IN this manner DO held togethe
for long periods OF years, whereas, un
der ordinary conditions. no sooner Is
wealthy persons will filed Tor prohat
than long contest begins in tho court
between the various heirs over the man
ner Of It's distribution among them.
by Incorporating, IA Mrs. Tyler ha
done, It is declared that all trouble o
this character Is done away with. III
testatr1 wills not her property. but
certain number Of shares Of her es,at
10 each heir, who Is limited by his OF
portunites TO either accept or roioc
them This, however. still leaves IL
eontesting heirs opportunities TO hgh
over the distribution OF the shares.
But Mrs. Tyler expects 10 get the be,
ter Of thla class OF heirs by giving ava
the shares 10 the persons she desires /
have them before her demise. The col
poration, as Said, is novel one, hui
HE tho trust, may prove 10 be only III
forsrunner OF many which will DO o.
guniEed as soon as the legal status OF IL
Tyler estate shall have heon passed upo
by some competent legal tribunal.-Ne
York Times
-H7sH77==a
Rural New Yorl,eri The census show
that Of the le.5OO.OOO families in ii