Fidelity Union Trust Co. v. Price

The opinion of the court was delivered by

Vanderbilt, C. J.

The Fidelity Union Trust Company, individually and jn a fiduciary capacity, instituted this action in the Chancery Division of the Superior Court seeking a declaratory judgment as to the constitutionality and general application of the so-called Prudent Man Investment Statute (N. J. S. 3A :15—18 et seq.) and its application to four specific trusts created prior to its passage. On the petition of the plaintiff trust company and the cross-petitions of certain defendant beneficiaries under three of the trusts we granted certification to…