Jackson Square Loan & Savings Ass'n v. Bartlett

⁶⁶² Schmucker, J., delivered the opinion of the Court. ■ This is an appeal from a decree of the Circuit Court of Baltimore City, passed in a case-stated, construing the will of the late Vashti Bartlett. The only question presented by the record is whether the equitable interest of the testatrix’ son George W. B. Bartlett, in the trust estate created by her will is .liable to attachment under a judgment against him held by the appellant. The testatrix by her will, after making several minor bequests, gave the residue of her estate to John H. Heald (now deceased) in trust, as to one-half, for the benefit of her son-in-law, Charles W. C. McCoy, for life, with remainder to his children and, as to the other one-half, for her son, George W. B. Bartlett, in the manner hereinafter set forth, for his life, with remainder to his children. The income of the share to be held in trust for the son-in-law was directed to be paid to him as it accrued during his life without any restriction but the income of the son’s share was limited by the terms of the following clause of the will: “Secondly: As to the other moiety or equal half part of all my said residuary estate, I ■devise and bequeath the same to the said John H. Heald, and ■his heirs or successors in the trust.

Upon trust and special confidence that my said trustee, during the lifetime of my said ,son, George W. B. Bartlett, do pay the income thereof as it -shall accrue, and not by way of anticipation, to him, my said son, for the support of himself and his family, the receipt of my said son to be a sufficient acquittance to my said trustee therefor, but my will is that my said son shall have no power to charge, encumber or anticipate the said income.” It appears from the record that George had at the death of the testatrix a wife and four children all of whom are still living. ■ By an earlier clause of the will the testatrix forgave her son George a number of debts “with all interest and arrears of interest thereon,” and it is admitted in the record that she had prior to her death paid his debts and obligations to the extent of a large sum of money, The corpus of the estate held in trust under the will for the son does not exceed $5,000 in ⁶⁶³ value and it consists of securities in the hands of the appellee, Alice R. Bartlett, who has succeeded to the office of trustee under the will. The appellant having recovered its judgment against the son, George, sued out an attachment thereon and caused it to be laid in the hands of Alice R. Bartlett, trustee, with the intention of binding the equitable life estate of the defendant in the trust estate. There was no income in the hands of the trustee at the time of the laying of the attachment but before the institution of the present case she had collected $285 of income which will suffice to pay the appellant’s judgment if it be liable therefor. There is no doubt of the right of a testator, as the absolute owner of his property, to prescribe, according to his own judgment and preferences, the terms upon which his bounty shall be enjoyed by those on whom he sees fit to bestow it, so long as those terms do not violate the policy of the law.

It has been held by this Court in several recent cases after an exhaustive review of the authorities upon the subject that it is not against the policy of the law to give by will to a beneficiary an equitable right to the income of trust property for