Noah Haynes Swayne

Name: Nichols v. Levy — Opinion of the Court
Author: Noah Haynes Swayne

Summary

“Nichols v. Levy — Opinion of the Court”, is a work by Noah Haynes Swayne. It explores elements such as John Nichol, Beal Basley and trust.

Quotes from Nichols v. Levy — Opinion of the Court (Noah Haynes Swayne)

Noah Haynes Swayne, Nichols v. Levy — Opinion of the Court

“ A more passive trustee can hardly be conceived of.
Mr. Justice SWAYNE delivered the opinion of the court.
If the determination of this case depended upon the general principles of jurisprudence, the result must necessarily be in favor of the appellees. It is a settled rule of law that the beneficial interest of the cestui que trust, whatever it may be, is liable for the payment of his debts. It cannot be so fenced about by inhibitions and restrictions as to secure to it the inconsistent characteristics of right and enjoyment to the beneficiary and immunity from his creditors. ”

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Source: Wikisource

Noah Haynes Swayne, Nichols v. Levy — Opinion of the Court

“ It follows that the cestui que trust took the full interest and estate as the land, subject only to the outstanding legal title, and such estate and interest was necessarily subject to sale under execution.
Where a grant or devise is made of the rents, issues and profits of an estate, the legal estate being vested in a trustee, with a condition annexed, that they shall not be subject to present or future debts, whether the estate granted or devised be an estate for life or in fee, the condition is void as against public policy. ”

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Source: Wikisource

Noah Haynes Swayne, Nichols v. Levy — Opinion of the Court

“ Their estate was an equitable one, but alienable and descendible, and subject to be conveyed by the same instruments as a legal estate. It was not then vested in possession. The time of possession was dependent upon the termination of the life estate of Beal Basley. But this only lessened its value for the time being. Its liability to their creditors was not in the least affected. It is impossible that the Supreme Court of Tennessee should have held otherwise, and the decree have proceeded upon a different view of the subject. The language of the decree repels the suggestion. ”

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Source: Wikisource

Noah Haynes Swayne, Nichols v. Levy — Opinion of the Court

“ When the decree was rendered, these appellants had a vested remainder in the lands, after the death of Beal Basley. No change took place after this decree and before the executions were issued, except that by his death the remainder vested in possession. But his death did not change the case. A remainder is as much liable for the satisfaction of judgments as an estate in possession; for a legal estate in remainder may be sold under execution, and an equitable remainder may be subjected, by proceedings in equity, to be sold for debt. ”

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Source: Wikisource

Noah Haynes Swayne, Nichols v. Levy — Opinion of the Court

“ Upon final hearing, in 1864, the court being of opinion that the defendants were not estopped by the decree of the Supreme Court, and 'that the terms of exclusion of the donees' creditors not amounting to a limitation of the estate, can no more repel the creditors than a restraint upon alienation can in the hands of the donee himself,' dissolved the injunction and dismissed the bill. ”

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Source: Wikisource

Noah Haynes Swayne, Nichols v. Levy — Opinion of the Court

“ These positions do not conflict with the authorities which hold that all a debtor's property must be liable to his debts. But the remedy is in equity, where the interest of the debtor under the trust can be reached-not by execution at law, whereby the trust is destroyed. ”

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Source: Wikisource

Noah Haynes Swayne, Nichols v. Levy — Opinion of the Court

“ There is no restraint of alienation in the deed of trust, nor any limitation over to defeat the estate in the event of a conveyance by the cestui que trust before the payment of the debts provided against by the said deed. If then the cestui que trust had united with the trustee after the death of the grandfather in a conveyance of the property in fee, before execution levied, the purchaser would have taken unincumbered title. ”

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Source: Wikisource

Noah Haynes Swayne, Nichols v. Levy — Opinion of the Court

“ The Supreme Court of the State decided, in the suits referred to, that this statute embraces trusts of real estate, and that it exempted the property in question from liability to the judgment creditors. There can be no doubt of the power of the legislature to pass the statute. Its wisdom and policy are considerations with which we have nothing to do. ”

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Source: Wikisource

Noah Haynes Swayne, Nichols v. Levy — Opinion of the Court

“ Burnell, 1 Brown's Ch. 247; Brandon v. Robinson, 18 Vesey, Jr., 429; Piercy v. Roberts, 1 Milne & Keene, 4; Dick v. Pitchford, 1 Devereux & Battell's Eq. 484; 2 Story's Eq., § 974.↑ Session laws of 1832, p. 22; Ewing v. ”

Noah Haynes Swayne

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