First National Bank v. Stewart

Murphy, Justice.

We held in In re Trusteeship under Agreement with Mayo, 259 Minn. 91, 105 N. W. (2d) 900, which dealt with the administration of two inter vivos trusts, that changed economic conditions might permit deviation from investment provisions which forbade investment in corporate common stock. In the case before us we are asked to go a step further and hold that unforeseen economic conditions may authorize courts to vary the beneficial rights contained in a trust instrument.

It appears from the record that , the trustor, Ralph Whelan, a sue-*477cessful Minneapolis lawyer, died in 1942,…