In re the Estate of Irwin

Thomas, S.

The testator, in the- seventh paragraph of his will, wherein he created the trust of $250,000, directed his executors, as trustees, “ to invest the same in first bond and mortgage on New York city improved real estate or first mortgage or railroad bonds (paying dividends on their stock).” This direction was mandatory. It established for the trustees a positive rule which it was not in their power to disregard without committing a breach of trust. The creator of a trust requiring the investment of money may direct how the investment shall be made and what securities shall be taken,…