The Farmers’ Loan and Trust Company, as Substituted Trustee Under the Will of George Jones, Deceased, Respondent, v…

Summary

The New York Court of Appeals affirmed the lower court's judgment, holding that Frances Jones's attempted trust over the one-fifth share of 70 Broadway was void because it violated the statutes of perpetuities by extending the suspension of alienation beyond the permissible period. The court also held that her outstanding debts and specific legacies must be satisfied from her own general estate, not from the estate over which she held a power of appointment.