Opinion
Appellate Court No. 17,884.
Transfer denied May 1, 1951.
CHARITIES — Charitable Trusts — Administration and Enforcement — Judicial Supervision — Court Order To Sell Trust Res — May Be Vacated After Term. — A court has not lost its inherent power to vacate an order authorizing the sale of corporate stock by the trustee under a charitable trust merely because of the expiration of the term at which it was entered, and regardless of whether the sale pursuant thereto had been consummated.
From the Kosciusko Circuit Court, John A. Sloane, Judge.
Proceeding in the matter of the Trusteeship under the last will and testament of Angus C. McDonald, wherein Nick Mallers filed a petition attacking a sale of corporate stock, pursuant to court order, by Clifford C. DuBois, as trustee under the will, to John R. Boice. From a judgment setting aside the previous order and adjudging the sale void, John R. Boice appealed to the Appellate Court where the judgment was reversed. (See 121 Ind. App. 210).
On Petition to Transfer to Supreme Court. Petition denied.
Brubaker, Rockhill Lee, of Warsaw, for appellant. Donald Vanderveer, of Milford; Ezra W. Graham; Widaman Widaman; and Jesse E. Eschback (of counsel), all of Warsaw, for appellees.
The record shows that, pursuant to the order of the court referred to in the opinion of the Appellate Court, 121 Ind. App. 210, 96 N.E.2d 342, the stock in question was sold to John R. Boice and Gladys V. Boice, his wife, on May 19, 1948, for $35,000 in cash then paid to the trustee by said purchasers, and the stock was thereupon assigned and transferred to said purchasers. Both order and sale were made during the April, 1948, term of the court.
The effect of the expiration of the term at which the order was made, as distinguished from the expiration of the term at which the sale pursuant thereto was consummated, was not before the Appellate Court.
We do not approve the language of the Appellate Court insofar as it might be construed to hold that the court could not vacate or modify the order merely because of the expiration of the term at which it was entered, and regardless of whether the sale pursuant thereto had been consummated.
The opinion otherwise meets the approval of this court and the petition to transfer is denied.
NOTE. — Reported in 98 N.E.2d 368.