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IN RE TRUST OF HIGHLAND PERPETUAL MAINTENANCE SOC.

No. 50637.

117 N.W.2d 57 (1962)

In the Matter of the Administration of TRUST of HIGHLAND PERPETUAL MAINTENANCE SOCIETY, INC. HIGHLAND PERPETUAL MAINTENANCE SOCIETY, INC., Plaintiff-Appellee, v. BANKERS TRUST COMPANY, Trustee, Highland Memory Gardens, Inc., Memorial Gardens Association, Inc., Ray L. Johnson, Edward L. Williams, F. W. Fitch, Lot Owners, and all other Lot Owners in the Cemetery known as Highland Memory Gardens, Defendants, Everette Bowlsby, Objector-Appellant, Bankers Trust Company, Cross-Appellee.

Supreme Court of Iowa.

September 18, 1962.

Attorney(s) appearing for the Case

Stewart, Miller, Wimer, Brennan & Joyce, Des Moines, for objector-appellant.

Gamble, Read, Howland, Gamble & Riepe, Des Moines, for defendant, cross-appellee.

Bump, Jordan & Holmes and Brunk, Janss & Dreher, Des Moines, for plaintiff-appellee.

Leo J. Lucier, Des Moines, appointed by the court.

MOORE, Justice.

The main question upon this appeal is whether, under the trust agreement for the perpetual care and maintenance of a cemetery, Highland Memory Gardens, profits realized from the sale of corporate stock by trustee constitute income or corpus. The trial court upon application of plaintiff ruled the gain, consisting of the amount received on sale above purchase price of stock, was income and approved plaintiff's use thereof for what it originally designated...

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