Fidelity Union Trust Co. v. Doyle

This case presents a problem of apportionment between life tenant and remainderman of the loss on an investment, part of the trust fund.

Testator owned a six per cent. mortgage for $50,000 on property known as 457-459 Broad Street, Newark. After testator's death, complainant as trustee under his will, foreclosed and took title to the land January 8th, 1934. Taxes in arrears were $6,905. The property at that time and until 1940 was incapable of producing enough rents to meet even current taxes, so the trustee adopted the policy of not paying taxes at all. At a tax sale, the city bought in the…