In re the Estate of Nix

The special guardian has raised only one objection to the account, viz., in respect to a guaranteed participation certificate held by the committee and forming part of a series known as series F-l, issued by the New York Title and Mortgage Company. He maintains that this certificate is not a legal investment for trust funds, and that the committee should, therefore, be surcharged for the difference between $1,000, the face value of the certificate, and its present market value.

The certificate does not represent a share in any specific mortgage or mortgages. The F-l issue is what is known as a…