Appeal, No. 316, Jan. T., 1958, from judgment of Court of Common Pleas No. 6 of Philadelphia County, Dec. T., 1957, No. 1645, in case of Josephine B. Morton et al. v. Lewis Peter Morton et al. Judgment affirmed
Philip R. Hepburn, with him Norris, Lex, Hart & Ross, for appellant.
S. Gordon Elkins, with him Stradley, Ronon, Stevens & Young, for appellees.
Before Jones, C. J., Bell, Musmanno, Jones and Cohen, JJ.. Assumpsit commenced by foreign attachment. Adjudication filed granting plaintiff's motion for judgment on the pleadings and final judgment entered, opinion by Bok, P.j. Garnishee appealed.
OPINION BY MR. JUSTICE COHEN,
By this appeal we are asked to reverse the determination of the lower court that the wife and other creditors of a settlor-beneficiary of a trust may attach the principal and income of the trust he established.
The defendant, Lewis Peter Morton, in May 1951, executed an indenture which established a trust that contained the following pertinent provisions:
"FIRST: To pay the net income therefrom, quarterly as received, to the Settlor during his life.
"FIFTH: All principal and income payable to any beneficiary hereunder shall be free and clear of his or her debts, contracts, engagements, alienations and anticipations, and from levy, attachment, execution and any processes, legal or equitable.
"ELEVENTH: During Settlor's lifetime Trustees may, in their sole and absolute discretion, at any time or times, apply from the principal of the trust such sum or sums as they shall consider necessary or advisable for the Settlor's maintenance and emergencies and if, at any time or times, in the sole opinion of Trustees, a favorable business opportunity requiring investment of capital shall be available to the Settlor, Trustees may, in their sole and absolute discretion, invest a portion or portions of the principal of the trust not exceeding in value one-fourth (1/4) of the value of the original assets of the trust plus one-fourth (1/4) of the value of any subsequent additions thereto, in any manner which shall seem advisable to them, either in their names as Trustees hereunder or in the name of Settlor, absolutely and in fee simple.
"FOURTEENTH: Settlor reserves the right to change the interests of the beneficiaries as among themselves, to add other beneficiaries and to substitute other ...