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WILMINGTON TRUST CO. v. COYNE

373 A.2d 867 (1977)

WILMINGTON TRUST COMPANY, a Banking Corporation of the State of Delaware, Trustee under an Agreement with William Coyne, Petitioner, v. William COYNE, W. Carroll Coyne, Sara C. Dickinson, Esther C. Flanagan, Carol Elizabeth Coyne, Susan Margaret Coyne, Tracy Ann Coyne, Mary Frances Coyne, Christina Louise Coyne, Gregory Thomas Dickinson, Linda Dickinson Tase, William Jeffrey Dickinson, Gary Scott Dickinson, Thomas Michael Flanagan, Timothy James Flanagan, Peter Carroll Flanagan, Stephen Manley Flanagan, William George Flanagan, David Coyne Flanagan, Patrick James Flanagan, Respondents.

Court of Chancery of Delaware, New Castle.

Decided May 12, 1977.

Attorney(s) appearing for the Case

Jane R. Roth of Richards, Layton & Finger, Wilmington, for petitioner.

Henry N. Herndon, Jr., and David H. Williams of Morris, James, Hitchens & Williams, Wilmington, for respondents William Coyne, W. Carroll Coyne, Sara C. Dickinson and Esther C. Flanagan.

Johannes R. Krahmer and David Ley Hamilton of Morris, Nichols, Arsht & Tunnell, Wilmington, for respondents, Carol Elizabeth Coyne, Susan Margaret Coyne, Tracy Ann Coyne, Mary Frances Coyne, Christina Louise Coyne, Gregory Thomas Dickinson, Linda Dickinson Tase, William Jeffrey Dickinson, Gary Scott Dickinson, Thomas Michael Flanagan, Timothy James Flanagan, Peter Carroll Flanagan, Stephen Manley Flanagan, William George Flanagan, David Coyne Flanagan and Patrick James Flanagan.

MARVEL, Chancellor:

In 1919 William Coyne established an inter vivos trust, naming Wilmington Trust Company as trustee, in which indenture, after giving directions for the payment of income derived from said trust to his wife until his son, Philip Patrick Coyne, should reach his twenty-first birthday, directed the payment of the income thereafter arising from said trust, after the payment of a fixed commission to the named trustee, to his son, Philip, during his lifetime...

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