Ross's Trustees v. Ross [1902] ScotLR 39_678 (29 May 1902)

Ross's Trustees v. Ross [1902] ScotLR 39_678 (29 May 1902)

Vesting of the children's shares in the trust estate is postponed until the youngest child attains the age of twenty-five, but not until the death of the widow, provided her restricted annuity is secured. Trustees must retain the capital until that time, subject to their power to make advances and to apply income for maintenance and education. Accumulated income, including that set free by the widow's renunciation, forms part of the residue for division at the period of vesting.

Citation
[1902] ScotLR 39_678
Parties
First Parties (trustees): Ross's Trustees; Second Parties (daughter and Curator/administrator in Law): Elizabeth Ann Ross or Gibson and her husband; Third Parties (sons): Ross's sons; Fourth Party (widow): Christian Risk Fairlie or Ross (widow)
Jurisdiction
Scotland
Judgment Date
29 May 1902
Procedural Posture
Special Case (succession/trust) / Judgment on Special Case Submitted for Opinion and Judgment of the Court
Outcome
Children's shares vest only when the youngest attains twenty-five; immediate payment denied; trustees to retain and accumulate income, with powers to advance and apply income for maintenance as authorised.
Legal Topics
Vesting of Beneficiaries' Interests, Accumulation of Income, Powers and Duties of Trustees, Annuity to Widow, Advances to Beneficiaries, Division of Residue
Succession Trusts and Estates Vesting of Beneficiaries' Interests Accumulation of Income Powers and Duties of Trustees Annuity to Widow Advances to Beneficiaries Division of Residue

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Parties

Ross's Trustees

First Parties (trustees)

Elizabeth Ann Ross or Gibson and her husband

Second Parties (daughter and Curator/administrator in Law)

Ross's sons

Third Parties (sons)

Christian Risk Fairlie or Ross (widow)

Fourth Party (widow)

Procedural Posture

Special Case (succession/trust) / Judgment on Special Case Submitted for Opinion and Judgment of the Court

Legal Issues

  1. 1 When do the children's rights in the trust estate vest?
  2. 2 Are the children entitled to immediate payment of their shares or only upon attaining certain ages or events?
  3. 3 Are the trustees bound to accumulate income and add to residue?

Ratio Decidendi

Vesting of the children's shares in the trust estate is postponed until the youngest child attains the age of twenty-five, but not until the death of the widow, provided her restricted annuity is secured. Trustees must retain the capital until that time, subject to their power to make advances and to apply income for maintenance and education. Accumulated income, including that set free by the widow's renunciation, forms part of the residue for division at the period of vesting.

Court Disposition

Children's shares vest only when the youngest attains twenty-five; immediate payment denied; trustees to retain and accumulate income, with powers to advance and apply income for maintenance as authorised.

Orders

  • First, second, fifth, and eighth questions of law answered in the negative.
  • Fourth question answered in the negative except as dealt with in the sixth question.