The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1891-11-18
AN ODD CORPORATION.
WHAT MRS. MARY TYLER DID TO
SAVE HER HEIRS TROUBLE.


She Transferred Nearly All Her Property
TO an Incorporated Organization Called
Tho Tyler Estate"-ReaI Estate In
Several Cities,
Among the property items which the
city is trying to acquire title to for the
proposed Ninth regiment armory 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 a 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 win 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 1t was organized I'M
der the laws Of Missouri as a 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, a lawyer Of that western
city, who is said to have assured his eli
emit 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, all of
which, however, she has conveyed to the
Tyler estate. taking the stock of the PEI
culiar corporation in payment The es-
tate is capitalized at $500, 900, but that
does not begin to represent the actual
value of the property 1t 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, 1888, the time when the corpora
ton was formed. One of the items lie
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 begun. wherein the price will
be fixed by commission.
But tho 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 witch fine property, has been distrih.
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 are prohibited by law New York
is said to be one of these states and ILL
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-whethe 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 a corpora
ton could be made 30 as not to affect the
value of its shares or to impair the secur-
ity Of the bonds. How long life such
a corporation could have Is question,
furthermore, which no lawyer could an.
swer offhand.
But 1t Is claimed for 1t that the prop
erty can In this manner be held together
for long periods OF years, whereas, I'M
der ordinary conditions. no sooner Is q
wealthy persons will filed for probate
than long contest begins in the courts
between the various heirs over the man
ner Of It's distribution among them.
By incorporating, as 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 op
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 her demise. The cor.
poration, as said, Is novel one, but,
like the trust, may prove to be only the
forerunner of many which win 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.