Butler v. Commonwealth Trust Co.

Opinion by

Ms. Justice Steen,

Robert A. Johnston, a resident of Atlantic City, New Jersey, died in 1928, having in his will bequeathed the sum of $15,000 to Commonwealth Trust Company, a Pennsylvania corporation with its principal place of business in Harrisburg, in trust to invest the money and pay the income and ultimately the principal to certain designated beneficiaries. The Trust Company, acting under a misconception as to the law but in good faith, invested the trust fund in mortgage participations which were legal investments in Pennsylvania but not in New Jersey where Johnston’s will…