Beebe's Estate

Bolger, J.,

Two questions are presented : (1) Whether the reserved power to veto investments was suspended during settlor’s incompetence? (2) If the power was suspended, what effect did the suspension have upon the trustee’s power to invest?

The reservation was a power purely personal to the settlor. In Equitable Trust Co. v. Union National Bank et al., 18 A. (2d) 228, cited in the adjudication, the court pointed out in an opinion, supported by many English decisions and various textwriters, that the exercise of the power depends wholly upon the will of the donee, that it is in no sense an…