In the Matter of Estates of Lalla

Three cases originating in the probate court of Cook county are here by appeal from the Appellate Court for the First District. For the purpose of consideration they were consolidated. The question in each case relates to the right of a conservator or guardian to invest the funds of his ward in notes or bonds which are a part of an issue of similar instruments, secured by a first real estate mortgage or trust deed, the remaining notes or bonds being held by other parties. Such securities, when so sold and distributed, are ordinarily called “split mortgage” securities. The funds in each case…