Cortlandt F. Bishop

Summary

The Court of Appeals interpreted the ninth article of David Wolfe Bishop's will, holding that the proviso creates a trust for the second share with a remainder to the surviving issue and charities, and that the trust and dependent remainders in the first share concerning New York real estate violate the rule against perpetuities and are therefore invalid. The court further applied the will's severance clause to annul the invalid trust, relieved Cortlandt Bishop of the duty to restore withdrawn proceeds, and modified the Appellate Division's judgment on counsel fees to exempt the New York real estate portion of the first share.