WILMINGTON TRUST COMPANY v. CARPENTER


163 A.2d 578 (1960)

WILMINGTON TRUST COMPANY, a corporation of the State of Delaware, Trustee under Agreement with Walter S. Carpenter, Jr., Plaintiff, v. Walter S. CARPENTER, Jr., W. Samuel Carpenter, III, and Clifton Center, Inc., a corporation of the State of Delaware, Defendants.

Court of Chancery of Delaware, New Castle.

August 19, 1960.


Attorney(s) appearing for the Case

William S. Potter, of Berl, Potter & Anderson, Wilmington, for plaintiff.

James T. McKinstry, of Richards, Layton & Finger, Wilmington, for defendant Walter S. Carpenter, Jr.

E.N. Carpenter, II, of Richards, Layton & Finger, Wilmington, for defendants W. Samuel Carpenter, III, and Clifton Center, Inc.


MARVEL, Vice Chancellor.

On November 21, 1941, the defendant, Walter S. Carpenter, Jr., as trustor, entered into an agreement with Wilmington Trust Company under the terms of which he turned over to such corporation designated securities to be held in trust for the immediate benefit of his son, W. Samuel Carpenter, III, the agreement providing that such trustee would manage the property thereby placed in trust and pay the net income thereof to such primary and sole...

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