State v. Bankers Trust Co.

On August 12, 1919, James B. Wilbur executed an indenture of trust, hereafter called the original indenture, with the Bankers Trust Company as trustee. The trust funds consisted principally of stocks, bonds, and mortgages. By the first article of the indenture the trustee is directed to receive, hold, invest, and reinvest the property transferred to it by Mr. Wilbur and to pay the net income thereof to him dur ing his life. He also reserved to himself the absolute power to “modify, or alter in any manner, or revoke, in whole or in part, this indenture and the trusts then existing, and the…