Saunders v Vautier

[240] saunders . vautier. June 2, 4, 5, 1841. £òò.*'£ :/*-*'':*?*[& ò C. 4 Beav. 115 ; 10 L. J. Ch. (N. S.), 354. See Lister v. Srculley, 1841, 1 Hare, 14 ; / ^ 3-,/Le.eming v. ShenaM, 1842, 2 Hare, 20; Fasting v. Allen, 1842, 5 Hare, 578; Curtis v. / ' ^Mkm, 1842, 5 Beav. 155; Pearson v. Dolman, 1866, L. R. 3 Eq. 321 ; Hilton v. Hilton, 1872, L. R. 14 Eq. 475; JVeathemll v. Thmnbutgh, 1878, 8 Ch. D. 269; In re Wmj, 1885, 30 Ch. D. 510; In re Jievan's Trusts, 1887, 34 Ch. D. 718; In ir. Jobson, 1889, 44 Ch. D. 160; I-Huvrton v. Masterman [1895], A. C. 186.] A testator, by his will, bequeathed to his executors and trustees all the East India stock which should be standing in his name at his death, upon trust to accumulate the dividends until D. W. V. should attain twenty-five, and then to transfer the principal, together with such accumulations, to D. W. V., his executors, administrators, or assigns, absolutely. The will contained also a residuary bequest. The testator had £2000 East India stock standing in his name at his death. Held, that D. W. V. took an immediate vested interest in that legacy, although he was a minor at the testator's death ; and, accordingly, the Court ordered the stock, with its accumulations, to be transferred to him on his attaining twenty-one. Semlile, the existence of an order for the maintenance of an infant out of the income of a fund does not prevent the Court, in a subsequent proceeding in which the title to the principal comes directly in question, from making an order negativing the infant's title to the fund. Richard Wright, by his will, gave and bequeathed to his executors and -trustees) thereinafter named, all the East India stock which should be standing in his name at the time of his death, upon trust to accumulate the interest and dividends which should accrue due thereon until Daniel Wright Vautier, the eldest son of his (the testator's) nephew, Daniel Vautier, should attain his age of twenty-five years, and then to pay or transfer the principal of such East India stock, together with such accumulated interest and dividends, unto the said Daniel Wright Vautier, his executors, administrators, or assigns absolutely ; and the testator gave, devised, and bequeathed all his real estates, and all the residue of his personal estate whatsoever and wheresoever, to his executors and trustees thereinafter named, their heirs, executors, administrators, and assigns, upon trust to sell and convert into money all his said real and personal estates immediately after his decease, and to invest the produce arising therefrom in their names in the £3 per cent, consolidated Bank annuities, and to stand possessed thereof upon trust for the said Daniel Vautier and Susannah, his wife, and the survivor of them, during their respective lives, and from and after the decease of the survivor of them, [241] upon trust for their children, equally, when and as they should, severally, being sons, attain the age of twenty-one years, or being daughters, attain that age or be married, with the consent of their trustees and guardians, and in the meantime to apply the interest and dividends of the respective shares of such children for their benefit, education, or maintenance ; and in case any child should die before attaining a vested interest in the fund, then the testator directed that the share of the child so dying should go and survive to CE. & PK, MI. SAUNDERS V. VAUTIEB 483 the others : *nd the testator nominated and appointed his friends John Maunders and Thomaa Saunders his executors and trustees. The testator died on the 21st of March 18.12, at which time a sum of ,£2000 East India stock was standing in his name. The executors, having proved the will, left that sum standing in the testator's name, but invested the dividends on it, as they accrued, in the purchase of like stock in their own names. Shortly after the testator's death, this suit was instituted by the executors against Susannah Vanitier and her children (Daniel Vautier having died in the testator's lifetime), for the puipose of having the trusts of the will carried into execution under the direction of the Court; and a decree was accordingly made, directing the usual .accounts. A petition was afterwards presented on behalf of Daniel Wright Vautier, who was then a minor, praying the appointment of a guardian, and an allowance for liis past and future maintenance : and, the usual reference having been directed, the Master, by his report, found, amongst other things, that the Petitioner's fortune consisted of the sum of £2277, 6s. 7d. East India stock, being the amount of the...