In re the Accounting of Reeb

Buscaglia, S.

In this proceeding for judicial settlement of their accounts the trustees seek the advice and direction of the court on two matters, and a determination as to the validity, construction and effect of certain provisions of the testator’s last will and testament. The first question presented concerns the rights of the trustees to invest in “ legal ” investments, as provided by a recent amendment to section 21 of the Personal Property Law. (L. 1950, eh. 464.)

A brief recital of this new law is necessary. Effective July 1, 1950, the kinds and classes of securities in which a fiduciary…