A New Jersey appeals court ruled Wednesday that a trust set up for an heir of industrialist Cornelius Billings — founder of Union Carbide and Carbon Corp. — does not benefit a daughter the heir raised from childhood but did not adopt until she was an adult.
Halsted Vander Poel was one of three grandchildren of Billings. In 1950, his mother, Blanche Billings Vander Poel, created three identical trusts, funded by Union Carbide stock, providing income for Halstead and his two siblings during their lifetimes. Upon death, each trust’s income was to be distributed among the child’s “lawful issue.”
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