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SECURITY TRUST CO. v. SHARP

77 A.2d 543 (1950)

SECURITY TRUST CO. v. SHARP et al.

Court of Chancery of Delaware, New Castle.

December 27, 1950.

Attorney(s) appearing for the Case

Charles F. Richards (of Richards, Layton & Finger), Wilmington, for plaintiff.

C. A. Southerland and William Poole (of Southerland, Berl & Potter), Wilmington, for Hugh Rodney Sharp.

Hugh M. Morris and J. Pearce Cann, Wilmington, for University of Delaware.

Hugh M. Morris and Edwin D. Steel, Jr. (of Morris, Steel, Nichols & Arsht), Wilmington, for Homeopathic Hospital Ass'n of Delaware, Delaware Chapter of The American Red Cross, Delaware Heart Ass'n, Inc., and The New Castle Chapter of the National Foundation for Infantile Paralysis.

James R. Morford (of Morford, Bennethum, Marvel & Cooch), Wilmington, for Delaware Anti-Tuberculosis Soc.

Vincent A. Theisen, Wilmington, for United Community Fund of Northern Delaware, Inc.

Clement C. Wood (of Hering, Morris, James & Hitchens) Wilmington, for Delaware Division, American Cancer Soc., Inc.

William H. Foulk and William Duffy, Jr., Wilmington, amici curiae.

SEITZ, Vice Chancellor.

In this action plaintiff trustee seeks instructions from the court as to the validity of an assignment of trust income to certain educational and charitable institutions by the largest income beneficiary of the trust.

On December 14, 1931 Isabella duPont Sharp entered into a trust agreement with plaintiff trustee establishing a trust with respect to 500 shares of stock. Under a provision thereof, the trust income was payable to her...

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