Mobley v. Phinizy

1. A trustee may invest funds of the trust estate in any securities issued by the State, in county and municipal bonds which have been validated as required by law, and in farm loan bonds issued pursuant to the act of Congress approved July 17, 1916. Any other investment of trust funds must be made under an order of the superior court, or else at the risk of the trustee. Civil Code (1910), §§ 3763, 3765; Acts 1918, p. 160; 9 Park’s Code Supp. 1922, 3765(a); Miehie’s Code, § 3765(1).

2. The power of a trustee to retain investments other than those authorized by law to be made by the trustee,…