Stein, Proctor and Conlon. The opinion of the court was delivered by Stein, S.j.a.d. (temporarily assigned).
This is an appeal by three remaindermen from a judgment of the Superior Court, Chancery Division, authorizing the invasion of the corpus of a trust fund for the benefit of the life tenant and requiring in addition the payment of $3,000 out of corpus with interest, which sum was borrowed by the wife of the life tenant from her sister-in-law.
The Attorney-General of the United States, as successor to the Alien Property Custodian, joins in the appeal on behalf of the United States of America, claiming that the interest of Erina Buss Wilcke, a remainderman, a national of an enemy country (Germany) is vested in the United States of America.
Plaintiff's father, Robert Segelken, died November 1, 1937, leaving a last will and testament admitted to probate November 11, 1937. The Trust Company of New Jersey, a corporation, and the decedent's nephew, Ferdinand Michel, and the survivor of them, are therein named as executors. The Trust Company of New Jersey was appointed trustee of the trusts created by the will.
In paragraph Twelfth of the will the testator devised and bequeathed all the rest, residue and remainder of his estate to The Trust Company of New Jersey to hold in trust for the following purposes:
To receive and collect the rents, issues and profits due from all sources.
Pay taxes, water rents, assessments, insurance premiums, repairs and maintenance of his real estate, and such other disbursements as are necessary to make to properly administer his estate, out of the income collected by it.
"The balance of said income, after payment of the said expenses and disbursements and the making of said reservations, shall, from time to time, in such manner as to my trustee, in its absolute discretion, may seem best for the interests of my estate and the ...