Summary

Speer v. Colbert — Opinion of the Court

There is, in our judgment, no merit in the contention that the persons claiming as president and directors of the college are not the legal successors of the original incorporation. There is no evidence that the same has been dissolved. The franchise of a corporation is not taken away or surrendered, nor is the corporation dissolved, by the mere failure to elect trustees.
Source: Wikisource

Speer v. Colbert — Opinion of the Court

Although it is, under the will, the duty of the trustees therein named to exercise supervision over the administration of the fund, nevertheless, the death or resignation of the trustees, named in the will cannot, and does not, defeat the bequest. There is not such a personal trust as renders it necessary to have the personal action of the trustee named in the will, and the trust does not fail upon the death or resignation of the named trustee.
Source: Wikisource

Speer v. Colbert — Opinion of the Court

Courts are always reluctant to hold a bequest void for uncertainty, and they only do it when actually compelled to do so by the language used. Inglis v. Sailor's Snug Harbor, 3 Pet. 99, 7 L. ed. 617. If the testator had really intended that any less sum than $5,000 should be disposed of by and equally divided under this clause in his will, he would have said so.
Objection is also made to the bequest of 'a sufficient sum, not to exceed three thousand ($3,000) dollars, the income to be applied to maintain a scholarship in the study of medicine, preferably in Georgetown University
Source: Wikisource

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