Source: http://delcode.delaware.gov/title12/c015/sc04/
Timestamp: 2018-03-19 21:50:10
Document Index: 724766309

Matched Legal Cases: ['§ 1551', '§ 1552', '§ 1553', '§ 1551', '§ 1', '§ 3357', '§ 3822', '§ 1551', '§ 1', '§ 1', '§ 1552', '§ 1551', '§ 1', '§ 3359', '§ 3824', '§ 1552', '§ 1', '§ 1553', '§ 1', '§ 3360', '§ 3825', '§ 1553', '§ 1', '§ 1']

TITLE 12 - CHAPTER 15. LETTERS TESTAMENTARY AND LETTERS OF ADMINISTRATION - Subchapter IV. Life Interest in Personalty Where Will Appoints No Trustee to Administer
§ 1551 § 1552 § 1553
Subchapter IV. Life Interest in Personalty Where Will Appoints No Trustee to Administer
§ 1551 Appointment of trustee upon petition of executor or administrator; bond, duties and release of trustee.
(a) When any person, other than the person who during life shall be entitled under the will of any deceased testator to the income on the personal estate of such deceased testator or any part thereof, shall be the executor or administrator with the will annexed of the estate of such deceased testator, such executor or administrator with the will annexed may, if no trustee is named in such will, after having passed a final account of administration on the estate before the Register of Wills, petition the Court of Chancery for the appointment of a trustee to receive from such executor or administrator with the will annexed, the fund to which the person named in the will is entitled during the person's life.
(b) The Court of Chancery, upon petition being presented to it as provided in subsection (a) of this section, shall appoint a trustee to receive, manage and invest the fund, and the trustee shall give bond as the Court may order and direct.
(c) The trustee shall manage and invest the fund, and pay over to the person entitled for life to the fund the profits and income arising thereout; and after the death of the person entitled for life, shall pay the fund to the person entitled absolutely.
(d) The trust shall terminate upon the death of the person entitled during life to the fund, and the release of the person entitled absolutely to the fund shall discharge and release the trustee from all liability for or concerning the same.
21 Del. Laws, c. 295, § 1; Code 1915, §§ 3357, 3358; Code 1935, §§ 3822, 3823; 12 Del. C. 1953, § 1551; 59 Del. Laws, c. 384, § 1; 70 Del. Laws, c. 186, § 1.;
§ 1552 Receipt of trustee.
The receipt of the trustee, appointed under § 1551 of this title, to the executor or administrator with the will annexed for the fund shall release and discharge the executor or administrator with the will annexed of and from all liability for or concerning the fund.
21 Del. Laws, c. 295, § 1; Code 1915, § 3359; Code 1935, § 3824; 12 Del. C. 1953, § 1552; 59 Del. Laws, c. 384, § 1.;
§ 1553 Personalty in possession of life tenant; discharge of executor or administrator with will annexed; liability of life tenant.
When the executor or administrator with the will annexed, in cases where the will so provides, leaves in the possession of the person entitled for life, perishable personal property, livestock, household goods, family stores and farming implements, together with the crops saved for the maintenance of such stock, the receipt of such person entitled for life to such executor or administrator with the will annexed shall discharge the executor or administrator with the will annexed of and from all liability for or concerning the goods and chattels and crops so devised and the appraised value thereof. The Register of Wills shall allow the amount of the appraisement of the goods and chattels in the account of the executor or administrator as a credit upon the production, at the time of passing the account, of the receipt; but such release shall not discharge the person so entitled for life, the person's executor or administrator from liability to the person entitled to such personal property absolutely, after the death of the person entitled thereto for life, or prevent such action at law or in equity as is necessary to secure the delivery of such personal property or payment therefor, at its appraised value, to the person entitled thereto absolutely, after the death of the person entitled to such property for life.
21 Del. Laws, c. 295, § 1; Code 1915, § 3360; Code 1935, § 3825; 12 Del. C. 1953, § 1553; 59 Del. Laws, c. 384, § 1; 70 Del. Laws, c. 186, § 1.;