OF THE SETTLEMENT OF PERSONAL ESTATES.
AN ACT TO AMEND CHAPTER 583, VOLUME 20, LAWS OF DELAWARE, IN RELATION TO THE SETTLEMENT OF PERSONAL ESTATES.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met :
SECTION 1. That Chapter 583, Volume 20, Laws of Delaware, be and the same is hereby amended by adding at the end thereof the following Sections:
"SECTION 5. When any person other than the person, who during life, shall be entitled under the will of any deceased testator to the income on the personal estate of such deceased testator or any part thereof, shall be the executor or administrator cum testamento annexo of the estate of such deceased testator, such executor or administrator cum testamento annexo may, if no Trustee is named in such Will, after having passed his or her final account of administration on the estate before the Register of Wills, petition the Chancellor for the appointment of a Trustee to receive from such executor or administrator cum testamento annexo the fund to which the person named in the Will is entitled during his or her life ; said Trustee shall manage and invest said fund, and pay over to the person, entitled for life to said fund, the profits and income arising thereout; and after the death of the person entitled for life shall pay the fund to the person entitled absolutely. The trust shall determine upon the death of the person entitled during life to said fund, and the release of the person entitled absolutely to said fund shall discharge and release the Trustee from all liability for or concerning the same.
"Section 6. The Chancellor, upon petition being presented to him, as provided in Section 5, shall appoint a Trustee to receive, manage and invest said fund, and the Trustee shall give bond the Chancellor may order and direct:'
"Section 7. The receipt of such Trustee, to the executor or administrator cum testamento annexo, for said fund, shall release and discharge said executor or administrator cum testamento annexo of and from all liability for or concerning same."
"Section 8. That when such executor or administrator cum testament annexo, in cases where the Will so provides, shall leave in the possession of the person entitled for life, perishable personal property, live stock, household goods, family stores and farming implements, together with the crops saved for the maintenance of such stock, the receipt of such person, entitled for life, to such executor or administrator cum testamento annexo, shall discharge the said executor or administrator cum testamento annexo of and from all liability for or concerning the goods and chattels and crops so devised and the appraised value thereof and the Register of Wills shall allow the amount of the appraisement of said goods and chattels in the account of said executor or administrator as a credit to him upon the production, at the time of passing the account, of the receipt aforesaid.; but such release shall not discharge the person or persons so entitled for life, his or their executors or administrators from liability to the person or persons entitled to such personal property absolutely, after the death of the person or persons or life or his or entitled thereto for life, or prevent such action at law or in equity as may be necessary to secure the delivery-of such personal property or payment therefor at its appraised value, to the person or persons entitled thereto absolutely, after the death of the person entitled to such property for life"'
Approved March 9, A. D. 1899.