PHIROZSHAW BOMANJEE PETIT Vs. BAI GOOLBAI

JUDGEMENT

(1.) This is an appeal from the High Court at Bombay, which had affirmed a decree of the same Court in its original jurisdiction. The questions decided had been raised by originating summons, taken out by certain of the present respondents, who were trustees of an inter vivos settlement, dated 1 August 1913, and made by a wealthy Parsee inhabitant of Bombay, one Bomanjed Dinshaw Petit, who died on 17 December 1915.

(2.) By this settlement the settlor had conveyed a large amount of property to the trustees on trust, inter alia, and so far as is material for the purposes of the questions in this appeal, to receive the rents and profits and, after making certain other payments, to make over the balance of income to the settlor himself during his life. After his death the trustees were to realise, by sale, conversion or otherwise, of the trust premises, certain sums, and, within 13 months after the settlor's death, out of the balance of income from what remained, accruing within the first 13 months, to pay to his widow, the first respondent, from time to time and in such sums as she should reasonably require and the state of the income should permit, the total sum of Rs. 80,000 for purposes mentioned. The trustees were then to divide the remainder of the balance of such income arising or accruing during the first 13 months after the settlor's death among the respondent, Bai Goolbai, the widow, the respondents, Jehangir and Dhunjibhoy,and the appellant, Phirozshaw, the settlor's son, in equal shares ; the capital and income, after the 13 months, were, subject to the trusts stated, to go to other beneficiaries under the trust deed as therein provided.

(3.) The settled property consisted of land and immoveables specified in the first schedule to the trust deed; shares, bonds and securities specified in the second schedule; and outstanding debts due to the settlor specified in the third schedule.