The Columbus weekly dispatch., 1908-11-19
CADY HEIRS GET
ECLIPSE STABLE
MIR. JAMES cox on MONDAY Ex-
ECITED DEED RELINQUISH-
ING CLAIM ON yALUA-
BILE PROPERTY.
Mr.. Joseph Peacher Had Previously
Executed Similar Deed, and
Property is Now in Hands
of Original Owners.

- oAA5A&s&&A ssAA~ASs
The litigation over the Eclipse Xiv
cry Stable property which has beer
In the courts for nearly two year
was definitely and finally settled las
Monday, when Mr.. James E. Cox ex
ecuted a deed relinquishing all righ'
and title to the property. Mr.. Jos
| Peacher, who together with Mr.. COY
/ purchased the lifetime interest of Mr.
Burton Cady in the stable a number
similar deed, and the property is now
| in the hands of trustee, as provided
for in the will of the late William
Cady, Sr.
Mr.. Cady died leaving will which
has been litigated over several times
| in the supreme court, and the pres
ent litigation began nearly two years
ago, when Messrs. Maynard and Fitz-
gerald of Clarksdale, Miss, instituted
suit in behalf Of Burton Cady ct al
to recover the property on the ground
that its conveyance to Messrs Peacher
and Cox was Illegal. About a month
prior to the time that the October
term of chanceFy court convened
Messrs. Orr and Harris of the local
bar were employed by complainants,
and they filed exceptions to answers
submitted by defendants to the orig
inal bill. With these exceptions was
presented the question of the proper
construction of the Cady will. 1t was
insisted on behalf of compIainants
that what is known as "spendthrift
trust" was created by the testator in
favor of his grandson, Burton Cady.
If the. above contention was well
taken, it naturally followed that Bur
ton Cady had no right to anticipate
the rents, profits or issues of the
Eclipse stable; that is, that he as
the Beneficiary of the trust had no
right either to sell the property or
TO mortgage or give trust deed to
tho same or to its issues or profits,
and it also followed that the deed
which he gave to the defendants was
void.
After hearing argument at the. Oc-
tober term of chancery court, Chan
ce1lor McCool took the case under
to be decided in vacation
upon briefs submitted within thirty
days after the adjournment of court.
These briefs were submitted in ac-
cordance with the decree of the chan
ceilor, and it is understood that the
principles of equity governing the
creation and management of spend
thrift trusts" were thoroughly and
discussed
Before Chancellor McCool had rem
dered his. decision in the matter |
was agreed upon, and i
by the terms of this compromise the
eomplainants agree to surrender all |
claim to the rents heretofore received |
from the stable by defendants and |
The defendants convey by deed all
tight, title and interest in the prop
erty to the Cady heirs. The decree
conforms to the will of the late VIM.
Jady, Sr., to have created a spend
hrift trust" which is herafter to be
in accordance with the will,
hat is, the rents, issues and profits
If the property are to be used for the
benefit and support of Burton Cady
Turing his lifetime, and at his death
he right and title to the property
S to revert in fee to the legal heirs
If VIM. Cady, Sr., who are Misses
Anna Leigh, Ozzie and Fannie Cady.