City Bank & Trust Co. v. Morrissey

454 N.E.2d 1195 (1983)

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Nature of the Case

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Facts

Margaret Tyne created a will and then died. The matter was submitted to the court for interpretation of the statement in the fifth clause. The trial court found that the fifth paragraph in Tyne's will created a trust but also invoked the application of Shelley's Rule; I further direct that upon the death of the beneficiary, William Tyne, that all of the assets of the trust be conveyed into cash and distributed in kind to the heirs at law of said William Tyne who survive him. William received an equitable fee simple interest in the realty of the Trust and its proceeds. That interest was fully alienable according to the provisions of the will. William received only a life estate in the personal assets as Shelley's Rule does not apply to personal property. The court ordered City Bank (P), the trustee to distribute the realty and its proceeds to appellees as legatees under William's will and the personalty was ordered distributed to appellees and appellants as the heirs of law of William. The matter was appealed.