New York Life Insurance & Trust Co. v. Sands

The plaintiff asks the court’s construction of the following clauses in the will of Richard Augustine Smith: “ I authorize and empower my said executors to sell and convert into money all my said real and personal estate, at such time or times as they shall deem proper (meanwhile) collecting and applying the rents of any real estate owned by me, not, however, conflicting with the provisions of the fourth clause herein, and out of the said residuary estate to create, hold and maintain the following funds in trust for the purposes hereinafter set forth. I. I direct my executors to set apart and…