Goldsmid v Goldsmid
| Jurisdiction | England & Wales |
| Judgment Date | 16 December 1842 |
| Date | 16 December 1842 |
| Court | High Court of Chancery |
English Reports Citation: 67 E.R. 78
HIGH COURT OF CHANCERY
S. C. 12 L. J. Ch. 113; 7 Jur. 11.
[187] goldsmid v. goldsmid. Dec. 8, 16, 1842. [S. C. 12 L. J. Ch. 113; 7 Jur. 11.] Trustees of a fund, having a power to appoint the same to such one or more of several objects of the power as the trustees should select, appointed the fund to trustees (of whom A., one of the objects of the power, was one), upon trusts to be declared by a subsequent deed; and by that deed, to which A. and all the trustees were parties, the trusts of the fund were declared to be for the benefit of A. for life, with remainder, in equal shares, amongst four other of the objects of the power, subject to such limitations, in respect of the interests in their respective shares, to be taken as between themselves, their wives and issue, respectively, as A. should appoint. A., by will, limited the share of one of the appointees to trustees for the appointee, his wife and children-the wife not being an (express) object of the original power. Held, that the appointment was an effectual execution of the power -being equivalent to an appointment to A., and a subsequent and independent settlement by A. of the fund which A. acquired by such appointment. 2 HARE, 188. GOLDSMID V. GOLDSMID 79 The Act 1 Geo. 4, e. 42, intituled, "An Act to Authorize a Composition for the Debt remaining Due to His Majesty from the late Abraham Goldsmid, Merchant, and his Surviving Partners," recited that, at the death of Abraham Goldsmid, a sum of 466,700 was due to His Majesty from the co-partnership, and recited also a deed of inspectorship confirmed by a former Act (52 Geo. 3, c. 75), whereby Thomas Bain-bridge, Alexander Baring, William Joseph Denison and George Ward, nominated by the Lords of the Treasury to superintend, direct and controul the administration of the property of the several concerns therein mentioned, were appointed inspectors accordingly; and it confirmed an arrangement to discharge the estates of the parties on payment of a dividend of 17s. 6d. in the pound. The Act then proceeded as follows :-" And be it further enacted, that so much of the property of the said Aaron Goldsmid and Thomas Moxon, and of the estate and effects of the said Abraham Goldsmid, which shall be so acquitted and discharged as aforesaid, as, in case such acquaintance and discharge had not been made, would have been applicable to the payment in full of the said debt of 466,700 and the said other debts, under the arrangement so acceded to on the part of the Crown, as hereinbefore is mentioned, shall immediately after such certificate as aforesaid shall have been signed by the said Commissioners of the Treasury, or any three of them, be paid, disbursed, divided or settled to, amongst, upon, or in trust for, or for the [188] benefit of the said Aaron Goldsmid and Thomas Moxon, or their respective descendants, and the widow and descendants of the said Abraham Goldsmid, or any one or more of the aforesaid several persons, exclusively of the other or others of the said Aaron Goldsmid and Thomas Moxon, or their respective descendants, and the widow and descendants of the said Abraham Goldsmid, and the same shall be an interest or interests vested in and paid and payable to them or any of them, on or at such age, day or time, or respective ages, days or times, and be divided between and among them in such shares, and charged and chargeable with the payment of such annual or other sum or sums of money to them or any of them, and shall be upon such conditions, under such restrictions, and subject to such powers, declarations and agreements, and generally in such manner for the benefit of the persons hereinbefore mentioned, or any of them, as they the said T. Bainbridge, A. Baring, W. J. Denison and G. Ward, or the survivors or survivor of them, or the executors or administrators of such survivor, shall think reasonable, and shall by any deed or deeds, or instrument or instruments in writing, with or without power of revocation or new appointment, direct or appoint; and for that purpose be and be considered, deemed and taken as one fund, without any regard to the separate or conflicting interests, if aiix such conflicting interests there be, of the parties interested in the same, inasmuch as the concessions made by the said creditors, and hereby authorized to be made by the Crown, are to prevent any of them the said Thomas Moxon, Aaron Goldsmid and Nathan Solomons, and the representatives of the said Abraham Goldsmid, or the legatees under the same, or any other person or persons claiming or deriving any right, title or interest under the same (so far as respects the trust fund, subject to the provision of the said indenture of the 27th of November 1810), [189] from having any claim or demand on the others or other of them, for any excess which they respectively may have been paid beyond their due proportion of the debts of the said co-partnerships, or either of them, or the greater proportion of their respective property brought into the fund, subject to the provisions of the said indenture of the 27th of November 1810, or the greater amount of the debts or demands to which they respectively were subject or liable." A deed-poll, dated the 24th of April 1821, was executed by T. Bainbridge, A. Baring, W. J. Denison and G. Ward, whereby, reciting their said powers, they disposed of seven-twentieths and three-twentieths of the fund which, under the arrangement and the Act, had been released from the claims of the creditors, and they then directed, appointed and declared as follows:-"And the other or remaining ten equal twentieth shares or moiety thereof shall belong and be paid, transferred and assigned unto the said Ann Goldsmid, Daniel Eliason and Isaac Lyon Goldsmid, their executors, administrators and assigns, upon and for the trusts, intents and purposes, and with, under and subject to the powers, provisoes, agreements and declarations intended to be declared and contained concerning the same, for the benefit of the said Ann Goldsmid, the widow, and Moses Goldsmid, Esther Goldsmid, Mary Levein and Elias 80 GOLDSMID V. GOLDSMID .2 HAKE, 190. Goldsmid, children of the said Abraham Goldsmid, and their issue, by and in an indenture already prepared and engrossed, and intended to bear date the day next after the date of these presents, and to be made between the said T. Bainbridge, A. Baring, W. J. Denison and G-. Ward of the first part, Thomas Moxon of the second part, the said Ann Goldsmid of. the third part, and the said Ann Goldsmid, Daniel Eliason and Isaac Lyon Goldsmid of the fourth part, and, moreover, that the said indenture, so [190] already prepared and engrossed, shall be forthwith executed by the several parties thereto accordingly." By an indenture of the 25th of April 1821, being the deed referred to, and executed by all the parties, as expressed in the preceding deed-poll, reciting an agreement that tie property should be disposed of as thereinafter mentioned, it was expressed that, in pursuance of, and in obedience to, the said deed-poll, and in consideration of the premises, it was thereby agreed and declared between and by the parties thereto that they, the said Ann Goldsmid, Daniel Eliason and Isaac Lyon Goldsmid, and their executors, administrators and assigns, should, subject to the power of revocation reserved by the said deed-poll, stand and be possessed of, and . interested in, all and singular the ten equal twentieth shares or moiety by the said deed-poll appointed unto them, of and in the remaining funds or property thereby distributed, upon trust from time to time to lay out and invest the said trust monies, and, during the life of the said Ann Goldsmid, pay the interest, dividends and annual produce of the same unto or permit the same to be received by the said Ann Goldsmid and her assigns, for her and their own benefit; and that, from and immediately after the decease of the said Ann Goldsmid, the said trust monies and the interest, dividends and annual produce thereof should be divided into four equal shares, and one of such shares allotted to each of them, the said Moses Goldsmid, Esther Goldsmid, Mary Levein and Elias Goldsmid, and the shares so respectively allotted to each such son or daughter of the said Abraham Goldsmid to respectively remain and be upon and for such trusts, intents and purposes, and with, under and subject to such powers, provisoes and declarations in favour or for the benefit of the son or daughter to whom such share should be allotted, and his respective wife and child or children [191] or her respective child or children (as the case may be), with such provisions for his or her or their respective maintenance and education, and at such time or respective times, andjn such shares and manner, and with such limitations over in favour of all or any other of such sons or daughters to whom such shares are so respectively allotted, and their, his or her respective issue, as the said Ann Goldsmid by her last will and testament in writing, or any codicil or codicils executed as therein mentioned, should direct or appoint; and in default of such direction or appointment, and so far as such direction or appointment, if incomplete, should not extend, then the said share so respectively allotted to each such son or daughter as aforesaid should respectively remain and be iu trust for him or her respectively, and his or her respective executors, administrators and assigns, for his or her absolute benefit. Ann Goldsmid, by her will, dated in December 1825, expressed to be in exercise of her power under the said deed-poll and indenture, appointed the fund amongst the four sons and daughters of Abraham Goldsmid, who were to be the objects of it; and, with regard to one share, she directed that the trustees or trustee thereof should from time to time apply and dispose of all or any part or parts of the same unto or for the...
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