Board of Directors of Ajax Electrothermic Corp. v. First National Bank

The opinion of the court was delivered by

Proctor, J.

This is an appeal from a judgment of the Superior Court, Chancery Division, permitting acceleration and termination of a testamentary trust. The Attorney General took an appeal which this court certified on its own motion before hearing in the Appellate Division.

On April 29, 1940 Edwin Fitch Northrup died, leaving a will, dated January 31, 1939, which established a trust with net income to go to his wife for life. She died on May 8, 1945. The remainder of the will provides in pertinent part:

“TENTH: I direct that upon the death of my wife,…