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Plainfield Trust Co. v. Bowlby

Decided: February 27, 1953.

THE PLAINFIELD TRUST COMPANY TRUSTEE UNDER THE LAST WILL AND TESTAMENT OF GEORGE M. BOWLBY, DECEASED, PLAINTIFF,
v.
FOSTER R. BOWLBY, GERTRUDE L. EOFF, MARGARET BOWLBY, ALFRED G. BAUER, JR., AUDREY BOWLBY CANNIS AND SHIRLEY EOFF YERKES, DEFENDANTS



Stein, J.s.c.

Stein

The complaint is brought for the determination of whether the plaintiff may legally retain 2,076 shares of common stock of Westinghouse Electric Corporation in the trust created under the terms of the last will and testament of George M. Bowlby, and whether said shares of common stock are corpus or income, or partially corpus and partially income.

The plaintiff, The Plainfield Trust Company, is the duly qualified trustee under the will of George M. Bowlby who died on March 2, 1923, leaving a last will and testament duly probated. The defendants are the beneficiaries of the trust set up in his will. The portion of the will pertinent is the following:

"I give, devise and bequeath to The Plainfield Trust Company of Plainfield, Union County, New Jersey, one thousand (1,000) shares of the First Preferred stock of the Westinghouse Electric and Manufacturing Company, in trust nevertheless for the benefit of others in the following manner. I direct the said, The Plainfield Trust Company, Trustee, to pay the income from the said shares every three (3) months to my wife, Margaret Bowlby, to my daughter, Helen Marguerite Bauer, to my daughter, Gertrude Louise Eoff and to my son, Foster R. Bowlby, share and share alike, and upon the death of my wife, Margaret, or of any one of my children, then that certain share or portion shall be divided equally between those above named and still living, but upon the death of any of my children, leaving issue then that certain share or portion shall go to the issue of him or her, deceased, and upon the death of my wife, Margaret Bowlby and of all my children, I direct that the said shares be divided between my grandchildren, then living, share and share alike, and should any of my grandchildren have died, leaving issue then that certain share or portion shall go to the issue of him or her, deceased."

Helen Marguerite Bauer, daughter of the testator, died on or about the 11th day of January 1937, leaving her surviving two sons, Alfred G. Bauer, Jr. and John B. Bauer. The said John B. Bauer died on or about November 28, 1942 without leaving issue him surviving. Margaret Bowlby, widow of testator, Foster R. Bowlby, son of testator, and Gertrude L. Eoff, daughter of testator, are now living. The said Foster R. Bowlby has one daughter, Audrey Bowlby Cannis, who is now living, and the said Gertrude L. Eoff has one daughter, Shirley Eoff Yerkes, who is now living.

On March 7, 1924 1,000 shares of Westinghouse Electric and Manufacturing Company first preferred stock were received by plaintiff as trustee of the aforementioned trust.

On May 21, 1924 plaintiff as trustee received 100 shares of common stock of Westinghouse Electric & Manufacturing Company as a stock dividend, and in accordance with a decree entered in the Court of Chancery of New Jersey distributed 72 of said shares to the life beneficiaries and retained 28 of said shares in the aforementioned trust.

On April 11, 1945 Westinghouse Electric & Manufacturing Company, by vote of its stockholders, changed its name to Westinghouse Electric Corporation and issued to plaintiff as trustee 4,000 shares of Westinghouse Electric Corporation 7% preferred stock in exchange for the 1,000 shares of Westinghouse Electric & Manufacturing Company first preferred stock then held by plaintiff as trustee. The stockholders also voted a 3 for 1 split of the common stock of said company, and plaintiff as trustee received 76 shares of common stock of Westinghouse Electric Corporation in exchange for the 28 shares of common stock of Westinghouse Electric & Manufacturing Company then held by plaintiff as trustee.

On December 10, 1946 Westinghouse Electric Corporation, by vote of its stockholders, issued to plaintiff as trustee 1,000 shares of Westinghouse Electric Corporation 3 1/2% preferred stock and 2,000 shares of common stock of Westinghouse Electric Corporation, in exchange for the 4,000 shares of

7% preferred stock of Westinghouse Electric Corporation held at that time by plaintiff as trustee.

On January 6, 1950 Westinghouse Electric Corporation redeemed the 1,000 shares of Westinghouse Electric Corporation 3 ...


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