Contingent Interest

64 Florida cases classified under this topic · sorted by citation count · see the citation graph · browse and sort

• Dean v. Crews
  77 Fla. 319· Fla.· 1919-03-29 ·cited 51×
  In this will construction case, the Florida Supreme Court held that a residuary bequest to "my four children" was a class gift that vested only upon the youngest daughter reaching age 21. Since two class members (the son and one daughter) died before that contingency occurred, th
• United States v. Bailey
  288 F. Supp. 2d 1261· M.D. Fla.· 2003-10-22 ·cited 41×
  The court held that the relation back doctrine, a legal fiction, cannot satisfy the essential element of possession required for Florida's tort of conversion and civil theft, as the government lacked a present or immediate right to possess the property at the time of the alleged
• Byers v. Beddow
  106 Fla. 166· Fla.· 1932-07-13 ·cited 33×
  Elizabeth Beddow sought to dissolve a testamentary trust established for her benefit by her father's will, requesting to receive her one-fourth share of the estate outright rather than as income from a trust. The Florida Supreme Court reversed, holding that the trust cannot be di
• Renata L. Mahan v. Lummus
  160 Fla. 505· Fla.· 1948-06-01 ·cited 23×
  A Florida resident beneficiary of a Michigan trust challenged an intangible personal property tax assessment on her beneficial interest. The Florida Supreme Court held that because the beneficiary's present interest is limited to net income with only a contingent interest in prin
• Siegel v. Novak
  920 So. 2d 89· Fla. 4th DCA· 2006-01-18 ·cited 22×
  In this consolidated appeal, the Fourth District Court of Appeal reversed the trial court's dismissal of beneficiaries' challenge to trust distributions made during the settlor's lifetime, holding that under New York law, the beneficiaries have standing to challenge pre-death wit
• Sec. & Exch. Comm'n v. Flight Transp. Corp.
  699 F.2d 943· 8th Cir.· 1983-02-02 ·cited 21×
  The court held that appellants Greyhound Leasing & Financial Corporation and Joyce Rubin were entitled to intervene as of right in the SEC enforcement action under Rule 24(a)(2) of the Federal Rules of Civil Procedure.
• Kasishke v. Baker
  146 F.2d 113· 10th Cir.· 1944-12-18 ·cited 21×
  The court held that the arrangement constituted a joint adventure, and Baker was entitled to his ten percent interest and an accounting, even after his resignation.
• Galt v. Commissioner of Internal Revenue
  216 F.2d 41· 7th Cir.· 1954-06-23 ·cited 18×
  The court held that rental payments made to the taxpayer's sons were includible in the taxpayer's income for the year, and that the gift was made on the date the lease was executed.
• M. Witmark & Sons v. Fred Fisher Music Co., Inc.
  125 F.2d 949· 2d Cir.· 1942-02-11 ·cited 16×
  A copyright holder may assign their expectancy of the renewal right, as the statute does not explicitly forbid such assignments.
• Commissioner of Internal Revenue v. Cardeza's Estate
  173 F.2d 19· 3d Cir.· 1949-02-08 ·cited 14×
  The court held that a contingent interest in property, the value of which is highly speculative, is not includible in a decedent's gross estate. It also held that property subject to a power of appointment, where the appointee renounced the bequest, did not pass under the power f
• Commissioner of Internal Revenue v. Brandegee
  123 F.2d 58· 1st Cir.· 1941-10-30 ·cited 14×
  A gift of an immediate life interest in income from a trust is considered a present interest for gift tax exclusion purposes, but the beneficiaries' right to income may be a future interest if contingent on the discharge of trust encumbrances.
• Conway Land, Inc. v. Terry
  542 So. 2d 362· Fla.· 1989-03-30 ·cited 12×
  Conway Land, Inc. appeals a district court decision allowing respondents (successors to Magnolia Ranch, Inc.) to participate in a condemnation award based on a perpetual nonparticipating royalty interest reserved in 1954 deeds. The Florida Supreme Court affirmed, holding that the
• In re Bracewell v. Kelley
  454 F.3d 1234· 11th Cir.· 2006-06-30 ·cited 11×
  The dissenting judge would reverse the district court's decision, holding that Bracewell's crop disaster payment is part of the debtor estate. The dissent argues that the payment constitutes "property of the estate" under 11 U.S.C. § 541(a)(1) because the underlying crop loss occ
• Davis v. REX
  876 So. 2d 609· Fla. 4th DCA· 2004-06-16 ·cited 10×
  Stephen Davis and his children appealed a summary judgment that denied reformation of an irrevocable trust and ruled that Scott Davis's undistributed share should pass to his estate (which benefited charities) rather than to his surviving brother Stephen. The Fourth District reve
• Bigheart Pipeline Corp. v. The United States (Internal Revenue Service)
  835 F.2d 766· 10th Cir.· 1987-12-22 ·cited 10×
  A federal tax lien attaches to the proceeds from oil produced from a leasehold, even if the leaseholder's interest was contingent at the time the lien attached and the oil was produced by a subsequent assignee.
• Hutchings-Sealy Nat. Bank of Galveston v. Commissioner of Internal Revenue
  141 F.2d 422· 5th Cir.· 1944-03-07 ·cited 10×
  The executor of the deceased taxpayer's estate can petition for review of a Tax Court decision without formal substitution, and the beneficiaries' interests in the trust were future interests, disallowing the gift tax exclusion.
• Helvering v. Com'r of Internal Revenue
  129 F.2d 832· 3d Cir.· 1942-03-23 ·cited 10×
  The court held that the settlors made a gift of the whole taxable estate, and the reversionary interests were too contingent to be deducted from the value of the remainders.
• Harbor Specialty Ins. Co. v. Schwartz
  932 So. 2d 383· Fla. 2d DCA· 2006-03-31 ·cited 9×
  Harbor Specialty Insurance Company appealed the trial court's denial of its post-judgment motion to intervene in a tort action between Sally Schwartz and Steven English. The court affirmed, holding that Harbor Specialty lacked a direct and immediate interest in the judgment neces
• Verone Marin Fehlhaber v. Fehlhaber
  850 F.2d 1453· 11th Cir.· 1988-08-01 ·cited 9×
  A judgment-creditor can reach the assets of a trust through garnishment when the judgment-debtor is both the settlor and sole beneficiary, retaining complete control over the trust assets.
• In re Ryerson v. Ryerson
  739 F.2d 1423· 9th Cir.· 1984-08-07 ·cited 9×
  A debtor's right to 'contract value' upon termination of employment, even if contingent at the time of bankruptcy filing, is includable in the bankruptcy estate under 11 U.S.C. § 541(a)(1).
• In re Chicago v. Grp. OF Institutional Invs.
  124 F.2d 754· 7th Cir.· 1941-12-04 ·cited 9×
  The court held that while the overall reorganization plan has evidentiary support and simplifies the financial structure, further specific findings of fact are required from the Commission before final approval can be granted, particularly regarding the disposition of certain mor
• Mortg. Corp. OF Am. v. Inland Constr. Co.
  463 So. 2d 1196· Fla. 3d DCA· 1985-01-22 ·cited 8×
  Mortgage Corporation of America appeals the trial court's refusal to vacate a final judgment in its favor, which it and the opposing party had agreed to set aside pursuant to a settlement agreement. The court holds that a severed third-party defendant lacks standing to oppose vac
• Howe v. United States
  142 F.2d 310· 7th Cir.· 1944-04-25 ·cited 8×
  The court held that the gifts to the trust constituted a "future interest" because the beneficiaries' right to present enjoyment was contingent upon future events and trustee discretion, thus disallowing the gift tax exclusions.
• Fondren v. Commissioner of Internal Revenue
  141 F.2d 419· 5th Cir.· 1944-03-03 ·cited 8×
  The court held that a gift to minors, managed by a trustee for their benefit, constitutes a present interest for gift tax purposes, not a future interest.
• Est. of Francis S. Tilyou by Florence J. Tilyou v. Commissioner OF Internal Revenue
  470 F.2d 693· 2d Cir.· 1972-12-08 ·cited 6×
  The court held that the 'entitled to' clause in the decedent's will, when considered in light of the surrounding circumstances and New York law, did not create a terminable interest that would disqualify the marital deduction.
• Lawyer v. Munro
  118 So. 2d 654· Fla. 1st DCA· 1960-03-01 ·cited 6×
  The court affirmed the trial court's construction of a will provision creating a testamentary trust for the testatrix's nephews. The court held that the nephews' interests in the trust were contingent upon their surviving the life tenant (the testatrix's sister), not merely the t
• Lilburn R. Railey, Jr. v. Alpha Railey Milam Skaggs and Mary Wells Milam
  220 So. 2d 689· Fla. 3d DCA· 1969-03-04 ·cited 5×
  Lilburn Railey appealed the dismissal of his Second Amended Petition seeking removal of trustees of his uncle's estate trusts. The Florida District Court of Appeal reversed the dismissal, holding that Railey stated valid causes of action for breach of fiduciary duty and had stand
• Green Ridge Corp. v. S. Jersey Mortg. Co.
  211 So. 2d 70· Fla. 2d DCA· 1968-05-29 ·cited 5×
  A loan transaction is tested for usury based on what actually develops, not on potential contingencies, and acceleration must actually occur to render a loan usurious.
• In re Laurence A. Neuton v. Danning
  922 F.2d 1379· 9th Cir.· 1990-12-28 ·cited 4×
  A debtor's contingent interest in a spendthrift trust is property of the bankruptcy estate, and California law permits creditors to reach up to 25% of trust payments, excluding amounts necessary for the debtor's support.
• Uniwest Mortg. Co. v. Dadecor Condos., Inc.
  877 F.2d 431· 5th Cir.· 1989-07-20 ·cited 4×
  The court held that the guaranty agreement is governed by common law choice of law principles, and under Texas law, the contractual choice of Colorado law is enforceable because Texas' interest is not materially greater than Colorado's. Furthermore, under Colorado law, the contin
• Frieda Hermann v. Brownell
  274 F.2d 842· 9th Cir.· 1960-01-25 ·cited 4×
  The court held that under Idaho property law, no person other than the named beneficiaries could acquire an interest in the trust property after its creation, and therefore, the possibility of reversion to the settlor was too remote to be considered. The court adhered to its orig
• The Est. of Debe W. Hubbard v. Commissioner OF Internal Revenue
  250 F.2d 492· 5th Cir.· 1957-12-06 ·cited 4×
  A transfer in trust made before the 1932 amendment, where the donor's right to income is postponed until the death of another who survived the donor, is not includible in the donor's gross estate for tax purposes if the retained income interest has no ascertainable value.
• Morgan v. Griffith Realty Co.
  192 F.2d 597· 10th Cir.· 1951-11-15 ·cited 4×
  An option to repurchase real estate without a time limit for exercise violates the rule against perpetuities and is void.
• Commissioner of Internal Revenue v. Holmes' Estate
  148 F.2d 740· 5th Cir.· 1945-04-14 ·cited 4×
  The court held that the trust was not irrevocable and its corpus was includible in the grantor's gross estate for estate tax purposes.
• Ashton v. Sentney. in re Sentney
  145 F.2d 719· 9th Cir.· 1944-12-05 ·cited 4×
  The court held that the discharge in bankruptcy should not be set aside because the bankrupt relied in good faith on his attorney's advice regarding the listing of a contingent trust interest, and the trustee and creditors have no interest in the trust property.
• Breault v. Feigenholtz
  358 F.2d 39· 7th Cir.· 1966-02-21 ·cited 3×
  The court held that the trial court correctly refused to approve a settlement agreement that would terminate a spendthrift trust and correctly declared the rights of the parties regarding the trust assets.
• United States v. Ruff
  179 B.R. 967· M.D. Fla.· 1995-01-09 ·cited 2×
  A taxpayer's earned but unpaid commission, even if subject to bankruptcy court approval for payment, constitutes 'property or rights to property' subject to IRS levy.
• Dick Warner Cargo Handling Corp. v. AETNA Bus. Credit, Inc.
  700 F.2d 858· 2d Cir.· 1983-02-14 ·cited 2×
  The court held that Connecticut garnishment law should be interpreted to permit garnishment of accounts subject to a security agreement's future advance clause, to give effect to UCC § 9-301(4).
• First Nw. Tr. Co. OF S.D. v. Internal Revenue Serv.
  622 F.2d 387· 8th Cir.· 1980-06-03 ·cited 2×
  The income from a discretionary spendthrift trust does not pass to a bankruptcy trustee because the beneficiary has no transferable or leviable interest in the future income until it accrues and is distributed by the trustee.
• Claus A. Cosman and Dorothy Cosman v. The United States
  440 F.2d 1017· Ct. Cl.· 1971-04-16 ·cited 2×
  A husband's payment to his former wife for a life insurance premium is not deductible as alimony if the wife is merely a conduit and receives no ascertainable economic benefit from the payment.
• Hexter v. Gautier
  143 So. 2d 695· Fla. 3d DCA· 1962-08-14 ·cited 2×
  A Florida resident beneficiary of an out-of-state trust challenged her liability for intangible personal property taxes on her beneficial interest. The court held that her present vested general power of appointment, even though subject to defeasance if she had children, made her
• In re Hill's Estate. Bodine v. Commissioner of Internal Revenue
  193 F.2d 724· 2d Cir.· 1952-01-22 ·cited 2×
  The court held that the decedent's interests in an irrevocable trust, including the right to excess income and a contingent right to corpus return based on trustee discretion, were includible in his gross estate for federal estate tax purposes. However, a remote contingent revers
• Hale v. Dominion NAT. Bank
  186 F.2d 374· 6th Cir.· 1951-01-18 ·cited 2×
  The court held that the trust instrument created a single trust, not multiple trusts, based on the grantor's intent derived from the instrument as a whole.
• Jhelum Enters., LLC v. Oceanside Auto. Serv. & Towing, LLC
  Fla. 4th DCA· 2026-03-25
  The Florida Fourth District Court of Appeal held that undrawn funds in a reverse mortgage line of credit are protected by Florida's homestead exemption. The court reasoned that the homeowner's access to these funds is contingent on their request, and until such a request is made,
• Little River Transp., LLC v. Oink Oink, LLC
  S.D. Fla.· 2023-04-13
  The court held that a non-party seeking to intervene as of right must demonstrate a direct, substantial, legally protectable interest, which MCL failed to do as its interest was economic and contingent on future litigation. Permissive intervention was also denied due to lack of c
• Lexington Ins. Co. v. Towanna James
  Fla. 1st DCA· 2020-05-08
  The appellate court affirmed the trial court's denial of Lexington Insurance Company's motion to intervene in a wrongful death lawsuit. Lexington sought to intervene solely to distribute the remaining $10 of insurance coverage, arguing it would promote judicial economy. The court
• Edwards v. Maxwell
  215 So. 3d 616· Fla. 1st DCA· 2017-03-31
  A party lacks standing to challenge an adoption order if their interest in related trusts is merely contingent and not direct, immediate, and financial.
• Lumbert v. Est. OF Molly Joy Gay Carter
  867 So. 2d 1175· Fla. 5th DCA· 2004-02-27
  Christopher Lumbert appeals a probate court's determination that the remaining assets of a testamentary trust should pass to the testator's siblings rather than to his deceased wife's estate. The court reverses, holding that the beneficiary's proportional shares vested upon attai
• Cong. Talcott Corp. v. Gruber
  993 F.2d 315· 3d Cir.· 1993-05-10
  The majority incorrectly granted summary judgment without adequate inquiry into Gruber's ownership interest under state law, which is a prerequisite for a valid tax levy.
• Michael v. Frierdich
  985 F.2d 379· 7th Cir.· 1993-02-11
  The right of a third party to challenge a wrongful levy is confined to persons with a possessory interest or security interest in the property, not unsecured creditors or those with a remote, contingent interest.