Case Name: Mollie Lamb v. Carl Lehmann, trustee
Court: Supreme Court of Ohio
Jurisdiction: Ohio
Decision Date: 1924-04-01
Citations: 2 Ohio Law Abs. 245
Docket Number: No. 18172
Parties: Mollie Lamb v. Carl Lehmann, trustee.
Judges: Robinson, Jones, Matthias, Day and Allen, JJ., concur. Wanamaker, J., not participating.
Reporter: The Ohio Law Abstract
Volume: 2
Pages: 245–245

Head Matter:
No. 263
No. 18172
Mollie Lamb v. Carl Lehmann, trustee.
Error to the Court of Appeals of Hamilton county
1271. WILLS — Devise of stock with power of sale and instructions as to payment of the net income to one person for life and remainder to another carries cash and property dividends to life estate and stock dividends to remainderman — Dividends upon stock not defined by testator, presumed to be his intent to depend upon action of board of directors.

Opinion:
MARSHALL, C. J.
1. Where a will gives to a trustee, in trust, certain shares of stock in a corporation,, with power of sale and reinvestment, and instructions to pay "the entire net income thereof" to one person for life, with remainder to another, all cash or property dividends declared thereon shall be payable to the person holding the life estate, and all stock dividends, so-called, shall become a part of the corpus" of the estate and be held by the trustee during the life of the life tenant and be distributed to the remainderman.
2. All cash or property dividends declared and paid upon' stock dividends shall likewise be payable to the owner of the life estate during his life.
3. Where a will disposes of a net income upon stock in a corporation without defining the term "income" or limiting its meaning within or expanding it beyond that which would depend upon the regular action of the board of directors of such corporation, the1 testator will be presumed to have had in mind the lawful power and control of the corpora-ation over the use and distribution of profits.
Judgment affirmed.
Robinson, Jones, Matthias, Day and Allen, JJ., concur. Wanamaker, J., not participating.