Fidelity Union Trust Company, in the three-fold capacities as trustee under the last will and testament of Peter F. Flood, deceased, as administrator c.t.a. of the estate of Elizabeth G. Flood, and as administrator of the estate of Mabel G. Crossman, seeks construction of the will of Peter F. Flood and instructions as to payment and distribution of income and principal of the trust estate. The facts are not in dispute. Peter F. Flood died April 5, 1906, leaving a will probated in Essex County, which provided as follows:
"Second: -- I give devise and bequeath all my property, real personal and mixed whatsoever and wheresoever the same may be to Fidelity Trust Company of the City of Newark, New Jersey, Margaret Maud Flood and Franklin Conklin, and in the event of the death of my daughter Margaret Maud Flood, then to my daughter Mabel Gertrude Crossman and the survivor and survivors of them, In Trust nevertheless for the following uses and trusts that is to say:
1st. To pay all the rents, issues, profits and income of my estate to my wife Elizabeth Gertrude Flood for and during the term of her natural life; said payments to be made to her as my Executors and Trustees find expedient.
2nd., Upon the death of my wife Elizabeth Gertrude Flood, and immediately thereafter, to pay one fourth of the rents, income, issues and profits of my estate to each of my four daughters, viz: Mabel Gertrude Crossman, Margaret Maud Flood, Edith Adeline Cavanagh and Grace Elizabeth Robert, for and during the term of her natural life.
3rd., Upon the death of any one of my said daughters leaving issue her surviving, to pay to such issue, the rents, issues, profits and income to which the parent of such issue would be entitled if living, during his, her or their minority, and until he, she or they attain the age of twenty-one years.
4th., Upon the child or children of any of my daughters attaining the age of twenty-one years to pay to such child or children the one fourth of, if one, or the share of the one fourth of my estate, if more than one, for his, her or their use absolutely and forever.
5th., Upon the marriage of my daughter Margaret Maud Flood, it is my wish and I do hereby order my Executors to pay over to her, out of the principal sum of my estate, the sum of Five Thousand Dollars ($5000.) upon her wedding day.
Third: -- In the event of the death of any one of my daughters without leaving issue her surviving, it is my will and I direct that the one-fourth share of the income bequeathed to each, shall be paid to the surviving daughter or daughters, in equal shares, and in the event of the death of any one of the children of any one of my daughters, that the share of the one-fourth of the income of my estate of such deceased child shall be paid to the surviving brothers and sisters of such deceased child, and in the event of the death of all the children of any one of my daughters before attaining the age of twenty-one years, without leaving lawful issue, that then the share which such child or children would have received shall be paid to the child or children of any one or all of the surviving of my said daughters."
Fidelity Union Trust Company is now administering the trust as sole trustee.
Peter F. Flood was survived by his widow Elizabeth G. Flood, and four daughters, Mabel G. Crossman, Margaret M. Flood, Edith A. Cavanagh and Grace F. Robert. Elizabeth G. Flood died February 20, 1931, from which date to March 10, 1931 the trustee paid the income of the principal in equal shares to the four daughters, pursuant to paragraph Second, section 2.
On March 10, 1931 Mabel G. Crossman died intestate, survived by her son Peter F. Crossman, then over 21. He was paid one-fourth of ...