Matter of James

3 Citing cases

  1. First Nat. Bank of Tuskaloosma v. Hill

    241 Ala. 606 (Ala. 1941)   Cited 19 times

    A stock dividend is not in the ordinary sense, a dividend at all; a dividend being a distribution of the profits to the stockholders as the income from their investment, while a stock dividend is merely an increase in the number of shares, such increase representing the same property that was represented by the smaller number of shares. Lancaster Trust Co. v. Mason, 152 N.C. 660, 68 S.E. 235, 136 Am.St.Rep. 851; In re James' Estate, 140 Misc. 369, 250 N.Y.S. 506; Booth v. Gross, Kelly Co., 30 N.M. 465, 238 P. 829, 41 A.L.R. 868; De Koven v. Alsop, 205 Ill. 309, 68 N.E. 930, 63 L.R.A. 587; Hayes v. St. Louis U. T. Co., 317 Mo. 1028, 298 S.W. 91, 56 A.L.R 1276; Graves v Graves, 94 N.J. Eq. 268, 120 A. 420; United States Trust Co. v. Cowin, 121 Neb. 427, 237 N.W. 284; Kaufman v. Charlottesville W. M. Co., 93 Va. 673, 25 S.E. 1003; Burns v. Hines, 298 Ill. App. 563. 19 N.E.2d 382; Gibbons v. Mahon, 136, U.S. 549, 10 S.Ct. 1057, 34 L.Ed. 525; Towne v. Eisner, 245 U.S. 418, 38 S.Ct. 158, 62 L.Ed. 372, L.R.A.1918D, 254. "Dividend" as used with reference to corporate stock is synonymous with "income" and, hence, where dividends are bequeathed to a tenant for life the bequest must be construed to vest in the life tenant the income and the income only of the shares of corporate stock owned by the testator at the time of his death.

  2. Matter of Strong

    198 Misc. 7 (N.Y. Surr. Ct. 1950)

    (People ex rel. Adams Elec. Light Co. v. Graves, 272 N.Y. 77, 80; United States Trust Co. v. Heye, 224 N.Y. 242, 253, supra;Robertson v. De Brulatour, 188 N.Y. 301, 311; Lowry v. Farmers' Loan & Trust Co., 172 N.Y. 137, 144-145; Matter of Bonbright, 186 Misc. 172, 176.) As objectants also admit, a mere split-up of capital stock without a transfer of earned surplus to capital would give a life tenant of a trust holding such stock no right to have the new stock apportioned (United States Trust Co. v. Heye, supra, p. 256; Matter of Lissberger, 189 Misc. 277, affd. 273 App. Div. 881, leave to appeal denied, 298 N.Y. 934; Matter of Lissberger, 188 Misc. 811; Matter of James, 140 Misc. 369, 371; Matter of Norton, 129 Misc. 875), nor would a corporate recapitalization and readjustment of stock issues not involving a transfer of earnings to capital. (Matter of Hagen, 262 N.Y. 301, 303-304, supra.)

  3. Matter of Strong

    198 Misc. 7 (N.Y. Surr. Ct. 1950)

    As objectants also admit, a mere split-up of capital stock without a transfer of earned surplus to capital would give a life tenant of a trust holding such stock no right to have the new stock apportioned ( United States Trust Co. v. Heye, supra, p. 256; Matter of Lissberger, 189 Misc. 277, affd. 273 A.D. 881, leave to appeal denied, 298 N.Y. 934; Matter of Lissberger, 188 Misc. 811; Matter of James, 140 Misc. 369, 371; Matter of Norton, 129 Misc. 875), nor would a corporate recapitalization and readjustment of stock issues not involving a transfer of earnings to capital. ( Matter of Hagen, 262 N.Y. 301, 303-304, supra.)