The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1899-10-07


quickly made corrections a. soon ~
me errors were discovered.
As this Is Judge Perry's first pgesi
dsuCy over this matter. IL NAV not b.
out of place Tor the master TO go q lit
tie into the history 90 this estate. while
Il may serve the purpose 81 dsspusiuL
-. the accounts and the trustees res
iEuation.
This has certainly been a mixed. and
for that reason. complicated. trust.
60 not know Ut any other like % tn all
my experience aS custodian uf the rct
ords. IL j.. iu part. trust under the
viii; in part. trust by ryvcrsiun.
and. IL the practice - not DISCONTINUED.
by the court. % - also trust b.
stipulation OF the bcueHctariss au1
| those not benetiCiarics. u - this
amalEamation OF the estate and out
side interests which has served an,
purpose OF Complicating the accounts
Excepting the rents from the tN.
| original leases IL seems to me that All
rents from sub-leascs do rot belong e.
this trust. ut least. sub-rcntals othc.
than the one-haif which has rcvcrtcs
| To- the estate should have been cxclu-
1 ded from the accounts. The trustc,
/ should confine himself to- ACCOUNTING
for what strictly belongs to- the estate
| II. for convenience OF the parties. h,
u also collecting rents which are uos
estate rents. let him account for thos,
rents to- the parties themselves:
The original lessecs OF the lands be
longing to- the estate were the thrc,
sons OF the testator. namely. James X
Holt Sr. and q. J. Holt. who. aS 60
lessees. together took the Waialus
lands. and John ID. Holt Sr.. who took
a lease of the Waianac lands. The Wal
amaze lease does not terminate until
. the death of said John II. Holt Sr.. nor
, does the waiaiua lease terminate until
the death of said James X. Holt Sr.
In the Waialua lease - a provtso that
should any one of the co-leSSceS die
) his interest shall revert. and so the
; one-half in the waialua lands did re-
: vert to- the estate upon q. ]. Holt
. death In 1891.
r by the terms of the will the three
e sons OF the testator are to enjoy a life
4 interest in all the property of the es-
4 tate both real and personal. remainder
e over to their heirs upon the tcrmina-
! ton OF their life estate. a. To- the
{ realty. the said James II Holt Sr.. and
D John -. Holt ST. have no further in
e terest other than in rents accTutug
e from the two original leases and ia the
y one-half OF waialua rents by virtue of
the reverSion. The original rents are
!. small in amount as compared with the
h rents now acCruing from the sub
leases.
= one-third of the personality at the
!. estate has been alicnatcd from the
: trust and paid to the heirs Of u. 4.
: Holt. deceased. The said James x
r Holt Sr. and John II. Holt ST. being
n still alive. their two-thiTds interest in
q the personality Is still held in trust.
o and that accounts for the fact that the
j accrued interest from all the securities
: Is payable to- them only as per trus-
= tees accounts.
e There has yet been no partition q.
= the lands belonging tn this estate. and
g I suppose. the heirs of the late -. J.
g Holt could. IL they chose. require one
= ;o be made subject. OF course. To- the
u tenancy OF the present holders of the
:. original leases. which are now held as
: follows: onc-half at the w1ialua
Il lands by the estate by revcTsion which
u followed the death Of -. J. Holt: one
y half by the -. J. Holt heirs. by reason
OF the assignment from the said
= James X. Holt ST. As to the original
= lease of the Waianae lands. the same
Is now held by James Y. Holt Ir.. "a
! whom Il was assigned by his father
II the said o. J. Holt. and to whom Il was
: assigned by his brother. the said John
+ II. Holt Sr.
II IL will thus appear that the late q
d J. Holt in his lifetime was sole owner
n OF all the real estate to- which his
4. heirs have succeeded and whose own
5. eTship Is now as follows: One-ihiTt
is OF all lands in fee: one-half of tbs
d waialua lands during the life OF safe
1f James II. Holt Sr.. and all OF the Wal
Is amaze lands during the life OF said Johr
Or u. Holt Sr.
lie The rents from these original lease
I'd are s6i2 per annum for the Waialu'
Id lands and s605 per annum for the Wal
N amaze lands.
he The trustee collects and accounts TO
5. rents from the waialua lands. beini
20 one-half of said s6is and one-half q
DR. rents from all sub-leases. the receipt
CT from which have very properly heel
st incorporated in his accounts.
IN Now comes another complication.
ne report that as to the original lease o
Ia the waianae lands the rental there
to- from. to wit. the sum OF secs. is erro
Of neously excluded from the trustee
re 1889 account. which has created an
rs other objection from the directors
Id That Is to say. they do not claim tina
IN IL Is error to exclude the said $50
ed from the account. but they think tina
D. another wrong apportionemnt has bee
made or else there has been an over
ct charge OF commissions. But I I'm
ed that IL is neither an overcharge 9
" commissions nor an erroneous arpoI
ed tionment OF the rents accounted fo
but that the error lies solely in IN
IT non-apportionmsnt OF the said So
ee omitted from account
= This Is the way the error has hat
o. p,ned: II seems that the trustee. IN
IS benefciaries and the q. ]. Holt heil
he alike entertain the belief that by a
as agreement executed in March last
'rt copy OF which Is on flel STIMULATING
he new method OF appoTtioning the rent
N the old basis OF division had theTet
NO become merged: that Is to say. that
In Is superfiuous to collect the $685. on