First-Citizens Bank & Trust Co. v. Rasberry - Supreme Court of North Carolina No. 306

First-Citizens Bank & Trust Co. v. Rasberry

By Supreme Court of North Carolina No. 306

  • Release Date - Published: 1946-10-16
  • Book Genre: Law
  • Author: Supreme Court of North Carolina No. 306
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First-Citizens Bank & Trust Co. v. Rasberry Supreme Court of North Carolina No. 306 read online review & book description:

The appellant concedes that the trust estate, due to its heavy debt load, is in a precarious financial condition and that it would be to the advantage of the cestuis que trustent to sell a part of the trust estate to raise funds with which to reduce the indebtedness and thus make the profitable operation of the farm land possible. He admits that the contingent remaindermen are interested in all other lands held in trust in the same way and to the same extent as they are interested in the land proposed to be sold; hence, the application of the proceeds of the property sale to the payment of debts would tend to preserve and protect the bulk of the estate and thus inure to the benefit of the contingent remaindermen as well as the other beneficial owners. Even so, he contends the authority of the court to order the sale of land so as to convey the interest of contingent remaindermen and bar any future claim on their part is limited to sales for reinvestment and improvement. In support of his position he cites and relies on G.S., 41-11.

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