The Marietta journal. [volume] (Marietta, Ga.) 1866-1909, 1891-12-10
AN ODD CORPORATION.
WHAT MRS. MARY TYLER DID TO
SAVE FER HEIRS TROUBLE.

She Transferred Nearly All Her Property
tn an Incorporated Organization Called
"The Tyler Estate"-ReaI Estate in
Several Cities
Among the property items which the
aity is trying to acquire title to for the
proposed Ninth regiment arinory in
Fourteenth street is lot belonging to
the Tyler estate. The Tyler estate is a
novelty among the corporations of the
country 1t is not the estate of de-
ceased person, as one would naturally
! infer from the title. but is the estate OF
a wealthy western widow, who has had
her real estate holdings capitalized and
stock company formed to take and hold
the titles to it. Her object is said to be
to SO arrange the titles to her property
that when she comes to dispose of it by
her will there will be the least possible
opportunity left to disappointed relatives
to contest her will and drag her name
and private history into the courts and
before the public
The certificate of incorporation of the
estate recites that it was organized un-
der the laws of Missouri as corporation
for manufacturing and business pur.
poses, and is called 1.-The Tyler Estate. >
1t was organized under the legal advice
and direction of Henry Hitchcock. of the
ST. Louis bar, lawyer of that western
city, who is said to have assured his eli.
ent that the laws of Missouri authorized
the organization and formal incorpora-
ton of real estate corporations.
The founder and principal proprietor
OF the Tyler estate is Mrs. Mary Law.
renee Tyler, widow of Robert Tyler, of
Louisville. She is said to be worth sew
eral millions, principally in lands and
property in this city, Philadelphia, Lou
isville. St. Louis and other places, adj of
which, however, she has conveyed to the
Tyler estate, taking the stock Of the pc
cullar corporation in payment. The es-
tate is capitalized at $500, 900, but that
does not begin to represent the actual
value of the property it owns
THE LAW IN SEVERAL STATES.
The real estate records of this county
show the transfer of two pieces of prop
erty to the estate by Mrs Tyler in Feb
ruary, 1883, the time when the corpora
ton was formed. One of the items is
the lot in Fourteenth street, which is
wanted by the city for armory purposes,
and the other is 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 the property has been distrib.
uted by the owner in his or her viii, but
this is the first instance ever heard of il
which private person. having no desire
or intention of going into business. where
some occasion for forming limited LA
bility corporation might exist, has vol
unfairly had her property capitalized
and represented in stocks and bonds
In some of the states corporations fol
the purpose of holding titles to real es
tate are prohibited by law New Yorl
is said to be one of these states and Hi
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 thu
existence of a corporation for the pur
pose stated
HOW THE SCHEME MAY WORK.
Who the present officers of the Tyler
estate are could not be ascertained, mol
any statement regarding the details oil
the whether the corpora.
ton 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 IA corpora.
ton could be made so as not to affect the
Yr.I - -,