Boston Safe Deposit & Trust Co. v. Boone

E. G. Boone and First National Bank of Venice, Florida, executors of the will of Bernice A. Pearson, objected to the seven accounts of Boston Safe Deposit and Trust Company (Boston Safe) and Clifford H. Byrnes, trustees of a marital deduction trust in favor of Mrs. Pearson. The ground of objection was that Boston Safe 3 delayed unduly in liquidating the trust, with the ensuing market losses falling upon Mrs. Pearson’s estate, which she, under a testamentary power to appoint the remainder of the marital trust, had named as a residuary taker after satisfaction of her various bequests. The…