In re the Estate of Jones

Foley, S.

In this accounting proceeding objections have been filed to certain investments made by the trustee in mortgage participations, on the ground that they were illegal and unauthorized under the terms of the will. The powers and duties of the trustee with respect to new investments are found in paragraph tenth of the will, which reads as follows: “ new investments shall be in mortgages covering real property in the City of New York, and I direct with respect to such mortgages that (a) the amount invested in any one mortgage shall not exceed the sum of Fifty thousand dollars ($50,000),…