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Doyle v. Bank of Montclair

Decided: October 18, 1950.

HENRY MAXWELL DOYLE, PLAINTIFF,
v.
BANK OF MONTCLAIR, A CORPORATION OF NEW JERSEY, ET AL., DEFENDANTS



Stein, J.s.c.

Stein

Plaintiff, the donor or settlor of an inter vivos trust, by this action seeks to revoke the trust.

On May 29, 1936, plaintiff, Henry Maxwell Doyle, executed the trust agreement under consideration and thereby transferred to the Bank of Montclair as trustee securities of the value of approximately $25,000 upon the following trusts:

"1. To hold and manage the said investments and funds and to keep them invested and to reinvest the same from time to time, and to collect the income.

"2. As long as the Donor shall live, to pay the income to him, as collected, it being understood and agreed that the Trustee may reserve

sufficient of the income collected from time to time so as to make disbursements to the Donor in weekly installments throughout the year, of approximately equal amount.

"It is understood and agreed that no assignment, either by act of the Donor or by operation of law, shall be binding or valid as affecting either the income or corpus of the fund.

"In the event of the Donor's extreme need for financial assistance, arising from the illness of or accident to the Donor, or in the event of some other extreme emergency existing, so that the Donor is in need of funds, and, in the sole discretion of the Trustee, the emergency or need is sufficient to justify the use of part of the corpus of this trust, the Trustee may from time to time pay to the Donor, or disburse in his behalf, sums from the principal of the fund.

"3. On the death of the Donor the trust shall cease, and the accumulated and accrued income, if any, and the principal of the fund, as it then stands, shall be paid as Donor, by his last will and testament, duly executed and in form to be probated in the jurisdiction of his residence, and actually probated, shall direct, or, failing such direction, to his heirs at law if there be any real estate in the fund, and his next of kin, as determined by the statutes of descent and distribution of the State of New Jersey at the time of his death * * *."

"5. This trust shall be irrevocable * * *."

This is a motion for summary judgment. Plaintiff in his affidavit in support thereof says he was influenced in the making of the trust by members of his family because of his addiction to alcohol and consequently his inability to manage his affairs. Subsequently he overcame his failing, became married and now has two children. He is engaged in his own business and presently is in dire financial circumstances, hence his anxiety to terminate the trust. On this motion it is only necessary to consider the provisions of the trust instrument.

A donor of a trust may terminate the trust where he is the sole beneficiary even though the trust instrument specifically provides that it shall be ...


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