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Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921 Exercise 8
Adolph Liebig owned several parcels of real property. As part of an estate plan, Adolph recorded a Deed of Trust purporting to create 100 "Certificates of Beneficial Interest" for ease of distribution. By its terms, the trust would terminate in 25 years, and the assets were to be distributed to the holders of the 100 shares. Adolph distributed 50 shares to his wife, Valeria, and 50 shares were divided among Valeria and their three sons. The following year, Adolph died. Over time, Valeria gave her 50 shares equally to the three sons. No shares were ever given to the couple's three daughters. At the end of 25 years, Valeria and her son, who then were trustees of the trust, filed an accounting, received court approval, and wound up the trust. The real estate was deeded to the three sons as tenants in common. A few years later, one of the daughters sued to set aside the trust and quiet title in the six siblings equally. The daughter claimed that the trust was defective and void, so that upon Adolph's death the property should have passed to his heirs at law when he died. Were the daughters entitled to inherit anything? [Newman v. Liebig, 810 N.W.2d 408 (Neb.)]
Explanation
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Tenants in Common:
Tenancy in common - ...
Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
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