In re the Intermediate Accounting of Clay

Edgar F. Hazleton, S.

In this combined accounting and construction proceeding, the account as filed is approved in its entirety.

The construction question concerns paragraph tenth of the will which reads as follows: “ Tenth : — I direct my trustees to invest all the funds of my estate in first bonds and mortgages on unencumbered improved real estate; said loans, however, not to be more than sixty per cent of the valuation of said property, or in bonds or other securities of the kind and description which Savings Banks of the State of New York are allowed by law to invest in.”

The court is…