Bleakley's Trustees v. Johnstons [1907] ScotLR 483 (28 February 1907)

Bleakley's Trustees v. Johnstons [1907] ScotLR 483 (28 February 1907)

Vesting of the shares in the property is postponed until the trustees, in their discretion, sell the property and divide the proceeds among the beneficiaries; the testator's intention was to make the time of realisation and division, and consequently vesting, dependent on the trustees' discretion, as evidenced by the survivorship clause and directions regarding division.

Citation
[1907] ScotLR 483
Parties
Trustees (first Parties): William M'Culloch Ramsay and others; Beneficiaries (third Parties): Alice Johnston, Harry Johnston, Herbert Johnston, George Johnston
Jurisdiction
Scotland
Judgment Date
28 February 1907
Procedural Posture
Special Case / Judgment
Outcome
Second question answered in the negative; first alternative of third question answered in the affirmative (deleting 'absolute'); second alternative of third question answered in the negative.
Legal Topics
Vesting, Discretionary Power of Trustees, Postponement of Vesting, Survivorship Clause
Succession Trusts Vesting Discretionary Power of Trustees Postponement of Vesting Survivorship Clause

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Parties

William M'Culloch Ramsay and others

Trustees (first Parties)

Alice Johnston, Harry Johnston, Herbert Johnston, George Johnston

Beneficiaries (third Parties)

Procedural Posture

Special Case / Judgment

Legal Issues

  1. 1 When does vesting of the shares in the property occur under the trust-disposition and settlement?
  2. 2 Is vesting postponed until trustees exercise their discretion to sell the property, or until the death of the liferentrix?

Ratio Decidendi

Vesting of the shares in the property is postponed until the trustees, in their discretion, sell the property and divide the proceeds among the beneficiaries; the testator's intention was to make the time of realisation and division, and consequently vesting, dependent on the trustees' discretion, as evidenced by the survivorship clause and directions regarding division.

Court Disposition

Second question answered in the negative; first alternative of third question answered in the affirmative (deleting 'absolute'); second alternative of third question answered in the negative.

Orders

  • Vesting does not occur a morte testatoris.
  • Vesting is postponed until trustees, in their discretion, sell the property and divide proceeds.