Show AN ODD corporation HAT mra MARY TYLER DID TO SAVE HER HEIRS TROUBLE she nearly all her property to an incorporated organization called the tyler estate bex estate in several clelea among the property items which the city ia trying to acquire title to for tho proposed ninth regiment armory in fourteenth street ia a lot belonging to the tyler estate the tyler estate 13 a novelty among the corporations of the country it ia not the estate of a deceased person as one donld naturally infer from the title but is the estate of a wealthy western widow who has had her real estate holdings capitalized and a stock company formed to take and hold the titles to it her object is aard to be to so arrange the titles to her property that she cornea to dispose of it by her will there will be the least possible opportunity left to disappointed relatives to contest her will and drag her name and private history into the courts and before the public the certificate of incorporation of the estate recites that it was organized under the yaws of missouri as n corporation for manufacturing and business purposes and is called the tyler estate it was organized under the legal advice and direction of henry hitchcock of the st louis bar a lawyer of that western city who is said to have assured his client that the laws of missouri authorized the organization and formal incorporation of real estate corporations the founder and principal proprietor of the tyler estate is mr mary lawrence tyler widow of robert tyler of louisville she is said to be worth several millions principally in lands and property in this city philadelphia louisville is st louis and other places all of which however she has conveyed to the tyler estate taking the stock of the peculiar corporation in payment the estate is capitalized at but that does not begin to represent the actual valay of the property it owns THE LAW IN STATES the real estate records of this county show the transfer of two pieces of property to the estate by mrs tyler in february 1888 the thae when the corporation was formed one of the items is the lot in fourteenth street which is wanted by the city for armory purposes and the other is a business building and lot in crosby street between broome and spring streets the city authorities and the representatives of the estate could not agree upon the price to be paid by the city for the fourteenth street lot and condemnation proceedings edinga have therefore been beann wherein the price will be fixed by a commission but the principal interest in the affair attaches to tho corporation itself abany devices have been resorted to in times past by wealthy people who had large ti states to dispose of by will to prevent the quarreling of beira over the manner n which the property has been distributed by the owner in his or her will but this ia the first instance ever heard of in private person having no desire or intention of going into business where bome occasion for forming a limited liability corporation might desist has voluntarily unta rily had her property capitalized and represented in stocks and boada in some of the states corporations corpora tiona for the purpose of holding titles to real estate are prohibited by law new york is said to be one of these states and illinois another but they are apparently sanctioned by the laws of missouri and the LAWS of thia state permit the holding of title to real estate by any corporation organized under the laws of any other natate the laws of which authorize the existence of a corporation for tha purpose stated now THE SCHEME HAY who the present officers cf the tyler estate are cound oot be ascertained nor any statement regarding th details of the organization whether the corporation has more than one executive how the property is managed by the officers or in what manner transfers of real estate belonging to such a corporation could be made so as not to affect the value of its shares or to tin pair the security of the bonds how long a life each u corporation could have is a question urther mors which no lawyer could answer offhand but it is claimed for it that fhe property can in this manner be held together for long periods of years whereas under ordinary conditions no sooner is a wealthy persons will filed for probate than a long contest begins an fn the courts between the various heirs over the manner of its distribution among them by incorporating as mrs tyler has done atia declared that all trouble of this character is done away with the wills not her property but a certain number of chares of her estate to each heir who la united by his opportunities port unities to either accept or reject them this however till leaves the contesting heirs opportunities to fight over the distri of th shares but mrs tyler expects to get the bet of this class of heirs by rising away ey o the persons she desires to have them before her demise thal corporation po ration as eadd is but alilce the trust may prove to be only the forerunner of many which will be organized as soon as the less status of the tyler estate chall have been passed upon oy some competent legal tribunal new york times |