Gyett v Williams
| Jurisdiction | England & Wales |
| Judgment Date | 30 April 1862 |
| Date | 30 April 1862 |
| Court | High Court of Chancery |
English Reports Citation: 70 E.R. 1126
HIGH COURT OF CHANCERY
S. C. 6 L. T. 279. See Gainsford v. Dunn, 1874, L. R. 17 Eq. 408; Bray v. Stevens, 1879, 12 Ch. D. 166; In re Hardy, 1881, 17 Ch. D. 806.
Will. Residuary Devise. Implied Charge of Real Estate. Priority.
[429] gyett v. williams. April 27, 30, 1862. [S. C. 6 L. T. 279. See Gainsford v. Dunn, 1874, L. R. 17 Eq. 408; Bray v. Stevens, 1879, 12 Ch. D. 166 ; In re Hardy, 1881, 17 Ch. D. 806.] Will. Residuary Devise. Implied Charge of Real Estate. Priority. On a bequest of all testator's personal estate, upon trust to lay out £2000 in the purchase of an estate to be held on certain trusts, and upon trust to invest the residue of the personal estate and stand possessed of £1500, part of testator's said estate, on certain trusts, and various other sums described as further parts of his said estate upon other trusts, followed by bequests of pecuniary legacies simpliciter, and a concluding gift of all the residue and remainder of testator's estate and effects, whatsoever and wheresoever, and whether in possession, reversion, remainder or expectancy : Held, that the residuary clause passed the real estate charged with the pecuniary legacies, but not charged with the gifts directed out of the investment of the personal estate. Greville v. Browne distinguished. Held, also, that the £2000 was to be set apart in priority to the other gifts. Hugh Morgan Price, by his will, dated the 5th of October 1853, directed that all his just debts and funeral and testamentary expenses should be fully paid and satisfied by his executors thereinafter named, out of his personal estate, as soon as conveniently might be after his decease ; and he gave and bequeathed unto the Defendants, Thomas Morgan Williams, Dantsey Sheen, Elizabeth G-yett and Matilda Bedward, their executors, administrators and assigns, all his moneys, securities for money, debts and other personal estate and effects whatsoever and wheresoever, upon trust, that they should (after satisfying his debts and funeral expenses as aforesaid) lay out and invest, with all convenient speed, the sum of £2000, part of his said estate, in the purchase of some eligible freehold estate in England or Wales, at their, his or her discretion; and should pay and apply the rents and profits of such estate to his, the said testator's, brother, John Price the elder, for and during the term of his natural life; and, from and after his decease, he gave and devised the said estate to John Price (the eldest son of the said John Price the elder), his heirs and assigns; but in 2J. &H. 430. GYETT V. WILLIAMS 1127 case the said John Price the younger should depart this life before his said father, or die before attaining the age of twenty-one years, then the said testator gave and devised the said estate unto and equally between his, the said John Price the younger's, brothers, the Defendant, William Price and Hugh Price, their respective heirs and assigns, as tenants in common ; and upon trust that his, the said testator's, said trustees or trustee should, with all convenient speed, lay out and [430] invest the residue of the said moneys, securities for money, debts and other personal estate, in their, his or her names or name, in the Parliamentary stocks or public funds of Great Britain, or at interest on freehold or leasehold securities in England or Wales. And he thereby declared that the said trustees or trustee for the time being should stand possessed of the said trust moneys, and the stocks, funds and securities in which the same should be invested, and the interest, dividends and annual produce thereof, upon and for the trusts, intents and purposes thereinafter expressed and declared of and concerning the same, that is to say, upon trust, as to and concerning the sum of =£1500, part of his said estate, to pay the dividends, interest or annual produce of the same to his (testator's) father, John Price, for life; and after his decease, leaving his then wife Elizabeth him surviving, then as to £500, part thereof, to pay the dividends, interest or annual produce of the same to the said Elizabeth Price for her life ; and as to £1000, residue thereof, to pay and divide the same in equal proportions between all the children of the said John Price, the father, and Elizabeth Price. But in case the said John Price, the father, should survive the said Elizabeth Price, he directed that, at the death of the said John Price, the father, the whole sum of £1500 should be divided in equal proportions between the last-named children. And as to and concerning the sum of £1000, other part of his said estate, upon trust to pay and apply the dividends, interest or annual produce of the same to or for the benefit of the Defendant, William Price, for his life; and, from and after his decease, to pay and transfer the said sum as the Defendant, William...
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