Ross v. Savings Investment Trust Co.

Complainant, Mayte C. Ross, received $300,000, the proceeds of certain life insurance policies upon the death of her husband, Henry Dechant, on February 9th, 1931, and on February 21st, 1931, executed a trust agreement naming William H. Berg (who later resigned), and the Savings Investment and Trust Company, a corporation of this state, as trustees. The trust indenture provided for the payment to her of the net income after deducting commissions and administration expenses and restricted the trustees to investments in securities of the class prescribed by the law of the State of New York or…