Printable Format59-1506. Protection of remainderman's interest in personalty; bond. When by will the use or income of personal property is given to a person for a term of years or for life, and another person has an interest in such property as remainderman, the court, unless the will provides otherwise, may order such property to be delivered to the person having the limited estate, or to be held by the executor or some other person as trustee for the benefit of the person having the limited estate. Bond may be required of the person to whom the property is delivered or by whom it is held, in the first instance or at any time prior to the termination of the limited estate.
History: L. 1939, ch. 180, ยง 117; July 1.
Law Review and Bar Journal References:
Annotation No. 2 discussed in 1955-56 survey of law of administration of estates, Richard C. Harris, 5 K.L.R. 143, 148 to 150 (1956); Ferd E. Evans, Jr., 5 K.L.R. 300, 321 (1956).
"Estates: Effect of Life Tenant with Power of Disposition Commingling Life Estate and Personal Funds," Francisco T. Rivas, 19 W.L.J. 633, 634 (1980).
CASE ANNOTATIONS
1. Order delivering property to party having limited estate made pursuant hereto. In re Estate of Cipra, 173 K. 330, 333, 334, 246 P.2d 264.
2. Order appointing trustee 132 days after judgment of final settlement void, when. In re Estate of Burling, 179 K. 687, 692, 694, 695, 298 P.2d 290.
3. Decree of final settlement delivered personal property to surviving spouse as limited estate. In re Estate of Seeger, 208 K. 585, 591, 593, 594, 493 P.2d 281.
4. Mentioned in holding trial court error in requiring life tenant to provide annual accounting of transactions involving remainder interest where such tenant has power to consume the corpus of the estate. In re Estate of Lehner, 219 K. 100, 107, 547 P.2d 365.
5. Failure to comply with section noted; imposition of constructive trust where trust funds identifiable. Salvation Army v. Estate of Pryor, 1 K.A.2d 592, 605, 570 P.2d 1380.
6. Life tenant with power to dispose or consume not required to provide security or accounting absent showing of bad faith or waste. In re Estate of Jud, 238 K. 268, 277, 710 P.2d 1241 (1985).