In re the Accounting of City Bank Farmers Trust Co.

Frankenthaler, S.

In this accounting proceeding the substituted trustee requests a construction of Article Tenth of the will which directs that new investments be “in such securities as savings institutions are authorized by the laws of the State of New York to purchase or invest in.” The court concurs with the trustee that the modifications of law respecting investments by savings banks can no longer be applied by testamentary trustees owing to changes in section 235 of the Banking Law and section 21 of the Personal Property Law. As it is impossible-for the trustee to follow the literal terms…