Opinion
15410
May 12, 1942.
Before DENNIS, J., Dillon County, February, 1942. Affirmed.
Action to authorize sale of certain tract of land, brought by G. Worth Stafford against George A. Stafford and others by their guardian ad litem. The matter was referred to the Master of Dillon County to take the testimony and report his findings and conclusions to the Court. The Master recommended that the sale prayed for in the complaint be authorized and confirmed. The cause came on to be heard by the Circuit Judge on defendant's exceptions to the Master's report. His Honor filed a decree authorizing the sale and making provision for safeguarding the funds arising therefrom. From this decree the guardian ad litem appeals.
The order of Circuit Judge Dennis, required to be reported, follows:
This is an action to authorize the sale of a certain tract of farm land located in and near the town of Latta in Dillon County which was conveyed by the late A.G. Stafford to his son, the plaintiff G. Worth Stafford, during the term of his natural life with remainder to such of the children of the plaintiff as may survive him, and if he should die leaving no children surviving him then to the defendant Elizabeth Bond Stafford (Burgett) then the wife of the plaintiff, for and during her natural life and at her death to revert to the estate of the grantor.
The granting clause of the deed which is dated May 10, 1923, is as follows: "To George Worth Stafford for and during the term of his natural life and after his death to his surviving child or children, his, her or their heirs and assigns forever, provided that the surviving child or children of any deceased child shall represent the parent or parents and take his, or her share, such share to vest in such surviving grandchild or grandchildren, his, her or their heirs and assigns forever (reserving however unto myself a life estate)."
The habendum clause is as follows: "To Have and to Hold, all and singular, the said premises before mentioned unto the said George Worth Stafford, for and during the term of his natural life and after his death to his surviving child or children, his, her or their heirs and assigns forever, provided that the surviving child or children of any deceased child shall represent the parent and take his or her share, such share to vest in such surviving grandchild or grandchildren, his, her or their heirs and assigns forever (reserving however, unto myself a life estate in the premises).
"And in the event the said George Worth Stafford shall die without leaving surviving him any child or children, grandchild or grandchildren the said premises (after the termination of my life estate) shall vest in his wife, Elizabeth Bond Stafford, for and during the term of her natural life and after her death the said premises shall revert to my estate."
It is agreed that the reference made in the premises and in the habendum clause of this deed to surviving grandchild or grandchildren, shall be construed to mean surviving the said George Worth Stafford, and wherever the word surviving is used in this deed it shall be construed to mean surviving the said George Worth Stafford; provided, that no grandchild or grandchildren of the said George Worth Stafford shall take under this deed except by representation of a child of the said George Worth Stafford who shall have predeceased him.
The grantor A.G. Stafford died in 1941, leaving surviving him as his only heirs his son the plaintiff, George Worth Stafford, a daughter, the defendant Mrs. Nannie S. Manning and four grandchildren, the children of a predeceased son, namely the defendants Sarah Stafford, Gene Stafford, Dickie Stafford and Carolyn Stafford, all of whom are minors and reside with their mother in Dillon County, who is their general guardian. It seems that the deceased A. G. Stafford left a substantial estate exclusive of the property here involved. The plaintiff as life tenant with the consent and approval of his sister, his former wife and the mother of the infant grandchildren of the grantor has entered into a contract, conditioned upon the approval of the Court, with Earl R. Atkinson, for the sale of this property for the sum of $13,500.00. The purpose of this action is to obtain the approval of the Court so as to convey to the purchaser fee-simple title to the property, free from the limitations contained in the deed above referred to. The matter was referred to the Master for Dillon County who has taken the testimony and has filed a report recommending that the sale be approved. The matter is now before me on exceptions by the guardian ad litem for the infant defendants George Adrian Stafford, Sarah Stafford, Gene Stafford, Dickie Stafford and Carolyn Stafford. The case was heard and argued before me at Chambers at Darlington, S.C. February 14th, 1942.
I agree with and confirm the finding of the Master that the facts and circumstances as shown by the testimony and reviewed by the Master in his report clearly disclose a case of reasonable necessity or expediency justifying a sale of the property. Likewise his finding that the price offered by the purchaser, R.E. Atkinson, is adequate and as much as the property is reasonably worth is also approved and confirmed. The recommendation of the Master that the attorney representing the guardian ad litem for the infant defendants be paid the sum of $100.00 for his services out of the proceeds from the sale is also confirmed.
The Master has suggested in his report that in order to safeguard and conserve the proceeds to be derived from this sale for the benefit of the remaindermen under the deed the fund might well be invested in bonds or other obligations of the United States Government or in full paid shares of the capital stock of Federal Savings and Loan Associations, which Associations are chartered by and are operated under the supervision of an agency of the Federal Government. All investments in the stock of these Associations to the extent of $5,000.00 in any one account are guaranteed by a deposit insurance agency of the Federal Home Loan Bank system. By a statute of this State investment of trust funds in these Associations is authorized and approved.
It is therefore ordered: That when the plaintiff shall have deposited with and delivered to the South Carolina National Bank as trustee certificates of full paid shares of the capital stock of Federal Savings and Loan Associations, such certificates having a total par value of $13,400.00 and with not more than $5,000.00 of such capital stock issued by any one Association, and all of said certificates having been endorsed as hereinafter set out, the plaintiff G. Worth Stafford be and is hereby authorized, empowered and directed to convey by fee-simple deed the lands and premises described in the complaint to the purchaser R.E. Atkinson; such deed to convey in fee-simple the interest of the plaintiff G. Worth Stafford and that of his minor child, the defendant George A. Stafford and the interest of any child or children who may hereafter be born to the said plaintiff, and including the interests of the defendants, Mrs. Nannie Stafford Manning and Mrs. Elizabeth bond Stafford Burgett and the infant defendants, Sarah Stafford, Gene Stafford, Dickie Stafford and Carolyn Stafford, as well as and including all others who may be heirs or beneficiaries of the estate of A.G. Stafford, Sr.
It is further ordered: That such stock of Federal Savings and Loan Associations shall be so endorsed as will prevent their sale, transfer or assignment by the trustee during the life of such trust and until the falling of in the life estate of the plaintiff G. Worth Stafford, and to further indicate that the income, profits and dividends from such certificates shall be paid to the plaintiff G. Worth Stafford so long as he shall live, and at his death all of said certificates shall be delivered to and become the property of such child or children of the said G. Worth Stafford as shall survive him, share and share alike and should he die leaving no child or children surviving him then that income, profits and dividends from the certificates should be paid to the defendant Mrs. Elizabeth Bond Stafford Burgett so long as she should live and upon her death the said certificates to become the absolute property of the estate of the late A.G. Stafford, the grantor of the deed referred to in the complaint.
Mr. Joe P. Lane of Dillon, counsel for appellants, cites: As to power of equity Court to order sale of land in question: Compares Cannon v. Cannon, 135 S.C. 183, 133 S.E., 556; with case at bar.
Mr. W.C. Moore of Dillon, counsel for respondent, cites: As to justification of Court in allowing sale in question: 135 S.C. 183, 133 S.E., 556; 149 S.C. 545, 147 S.E., 648; 115 S.C. 10, 104 S.E., 325.
May 12, 1942. The opinion of the Court was delivered by
The circuit decree from which this appeal was taken is affirmed and adopted as the judgment of this Court. It will be reported. There are ample sustaining authorities; among them are: Cannon v. Cannon, 135 S.C. 183, 133 S.E., 556; and Kirkham v. First Nat. Bank, 149 S.C. 545, 147 S.E., 648.
The exceptions question (1) the sufficiency of the factual showing of reasonable necessity for, or the expediency of, the sale of the property; (2) that the sales price is the full value, and (3) the safeguarding of the fund for the life tenants and remaindermen.
However, careful consideration of the testimony and Master's report discloses no reasonable foundation for the criticisms. It is noted that the provisions for the preservation and application of the substituted fund in accord with the terms of the deed are very similar to the requirements made by this Court in Cannon v. Cannon, supra.
The exceptions are overruled and the judgment affirmed.
MR. CHIEF JUSTICE BONHAM and MESSRS. ASSOCIATE JUSTICES BAKER and FISHBURNE concur.
CIRCUIT JUDGE L.D. LIDE, ACTING ASSOCIATE JUSTICE, disqualified.