In re Trust of Bailey

Stearne, J., auditing judge,

This trust arose under a declaration of trust dated May 9, 1923, made by The Land Title and Trust Company, now the accountant. By the terms thereof the trustee acknowledges having received in cash from William H. Bailey and N. K. Regar the sum of $9,000, or $4,500 from each, with the declared intention that said sum should be invested by the trustee “in good interest-bearing securities, which may be readily converted into cash for prompt distribution when payments are required to be made hereunder”. It was provided that the trustee’s commission should be at the…