Paul S. H. Lee and his wife Lynch H. Van Rhyn Lee want to remove $10,000 from their trust estate to pay debts. The Lees explain that their 1828 prenuptial agreement put part of Lynch's inheritance into a trust. The Lees receive the "interests and rents and profits" during their joint lives. The trust contains $31,000 in cash and bonds and $47,000 worth of "lands houses, negroes and personal estate." The petitioners confide that "to meet some exigencies which your Petitioners were unable otherwise to provide for," they have assigned the interest on the cash and bonds over to someone else for three years. They also went into debt due to "the failure of the crop of last year and of other resources." Those debts are now due, and the Lees cannot pay them. They want to sell enough real and personal property from the trust to raise $10,000 to pay their debts. In return, they have offered to cede various rights given to them by the trust arrangement. The trustees are willing to agree but "cannot proceed in the premises without the decree and sanction of this Honorable Court." The Lees ask the court to authorize the proposed changes to the trust.
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Repository: South Carolina Department of Archives and History, Columbia, South Carolina
