Halvorson
Halvorson v. Colyear
Opinion
Lead Opinion
Stephens, J.
This is an appeal by Margaret A. Colyear Halvorson (widow of Richard C. Colyear) from an order of the probate court denying her petition for instructions, wherein she sought an order instructing Richard Calhoun Colyear as testamentary trustee to distribute to the life income beneficiaries a stock dividend received by said trustee, and which had been paid out of retained earnings. Appellant is a life income beneficiary under the Richard C. Colyear Testamentary Trust, being entitled to 50 percent of the net income, with the right to invade the corpus of the trust in the event the net income is less than $1,000 a month. The trial court held the stock dividend to be corpus of the trust, and this appeal followed.
The statement of facts contained in appellant’s opening brief has been agreed to by the parties, and we set it forth here by way of footnote 1 since *177 there is one controlling issue presented: Should 13,231 shares of common stock of Genuine Parts Company, distributed to the trustee herein as a 50 percent stock dividend on 26,462 shares of common stock of that *178 corporation and constituting an asset of the trust estate, be disbursed by the trustee to the income…