Court Opinion

ID: 9442301
Source: CourtListenerOpinion
Date Created: 2023-08-03 18:43:13.421111+00
Date Added: 2024-06-11T17:29:03.347918
License: Public Domain

FINNEGAN, Circuit Judge.
I concur in that portion of the majority opinion which reversed the judgment of the District Court declaring the trusteeship vacant, and which orders the First National Bank and its predecessors to account as trustee de son tort.
I most respectfully dissent from that portion of the opinion which holds that the grandchildren of Otto Young, deceased, have a vested remainder in the real and personal property constituting the corpus of the trust created by the last will and testament.
In my opinion it was the clear intention of Otto Young, as expressed in his last will and testament, after making certain specific bequests, to place all the residue and remainder of his property in a trust to *355accumulate for so long a period of time as was allowable under the rule against per-petuities and under the statute of Illinois against accumulations.
The trustee was given almost unlimited power to manage and control the estate, to make loans on its behalf and to subject it to mortgages and to sell all parts of the corpus, except two pieces of real estate distinctly described in the will. The trust was to endure until the death of his last surviving daughter, and until his youngest grandchild should attain the age of twenty-one years.
Although the youngest living grandchild of Otto Young is now twenty-six years of age, one of his daughters still survives. Consequently no one can tell at this time just exactly when the corpus of the estate will be distributed. If the surviving daughter died presently the distribution would take place at once under facts as they now exist, but because she may, so far as the law is concerned, have another child it may happen that when she dies she will leave an infant child, in which event the distribution of Otto Young’s estate would be delayed until that infant reached the age of twenty-one. But in any event, when the time for distribution comes, the will in my judgment makes it plain that distribution shall be made to the grandchildren then living, and in the case of deceased grandchildren, the share they would take if then living, shall go to their surviving issue.
The District Court should be reversed in toto.