Osborn v. Bankers Trust Co.

Plaintiff has brought this action under section 473 of the Civil Practice Act for the construction of a deed of trust made December 31, 1928, by defendant Osborn as settlor to his wife, the plaintiff, as beneficiary, and Bankers Trust Company, as trustee, and to obtain a declaration of rights thereunder.

The question presented is whether the instrument is a revocable or irrevocable deed of trust. This depends on whether the investment powers must be construed as powers in trust, or as beneficial. In the event that they are the latter, plaintiff in her complaint seeks specific performance of…