McCarthy v. Tierney

The complaint alleges that the plaintiff and the defendant are co-trustees of a trust fund of $2,000,000, appointed under the will of Margaret H. McCarthy, late of Greenwich. The will gave the trustees “full power and authority to invest and reinvest said sum upon such terms and conditions as said trustees in their judgment may see fit as fully as an absolute owner, all statutory limits now in force or hereafter enacted as to the investment of trust funds being hereby expressly waived.” Over $600,000 of the fund is on deposit in savings departments of trust companies in this State. Question…