Callaham v. Newsom

The trust agreement expressly authorizes the trustee to ¡sell the stock constituting the trust estate and reinvest the proceeds. There is no question of implied power. The only question presented is the duration of the power expressly given. Did the power to sell and reinvest terminate upon the death of Carl K. Callaham, the grantor, or does the power continue as long as the trustee has duties to perform?

When called upon to interpret a trust agreement or other contract, courts ¡seek to ascertain the intent of the parties and, when ascertained, give effect thereto, unless forbidden by law. In…