In re the Construction of the Will of Pettit

New York Surrogate's Court

In re the Construction of the Will of Pettit

3 Misc. 2d 713, 151 N.Y.S.2d 205, 1956 N.Y. Misc. LEXIS 2052

CourtNew York Surrogate's Court

DecidedMarch 13, 1956

StatusPublished

Cited by3 cases

This text of 3 Misc. 2d 713 (In re the Construction of the Will of Pettit) is published on Counsel Stack Legal Research, covering New York Surrogate's Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

In re the Construction of the Will of Pettit, 3 Misc. 2d 713, 151 N.Y.S.2d 205, 1956 N.Y. Misc. LEXIS 2052 (N.Y. Super. Ct. 1956).

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Opinion

George Frankenthaler, S.

In this proceeding the court is called upon to construe the testator’s direction, in a will admitted to probate in 1930, that his trustees invest “ in such securities and investments as are recognized by the law of the State of New York relating to investments by trustees and savings banks.” [714]*714As a result of a recent modification, it has been held that section 235 of the Banking Law, which regulates investments by savings banks, cannot govern trust investments. (Matter of Peck, 199 Misc. 1051; Matter of Uhlich, 123 N. Y. S. 2d 891; Matter of Walbridge, 138 N. Y. S. 2d 847; Matter of Daly, 203 Misc. 851; Matter of Rosenblum, 132 N. Y. S. 2d 604, mod. on other grounds 137 N. Y. S. 2d 479; Matter of Brown, 1 Misc 2d 234.) So long as “ the law of New York relating to # * * savings banks ” remains inapplicable, the trustees are confined to the other category of investments provided in the will, those the law renders eligible for trustees. Accordingly they may invest in the “ securities and investments ” authorized by law for testamentary trustees at the time of the investment. (Personal Property Law, § 21.)

Submit decree on notice construing the will accordingly.

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George Frankenthaler, S.

In this proceeding the court is called upon to construe the testator’s direction, in a will admitted to probate in 1930, that his trustees invest “ in such securities and investments as are recognized by the law of the State of New York relating to investments by trustees and savings banks.” [714]*714As a result of a recent modification, it has been held that section 235 of the Banking Law, which regulates investments by savings banks, cannot govern trust investments. (Matter of Peck, 199 Misc. 1051; Matter of Uhlich, 123 N. Y. S. 2d 891; Matter of Walbridge, 138 N. Y. S. 2d 847; Matter of Daly, 203 Misc. 851; Matter of Rosenblum, 132 N. Y. S. 2d 604, mod. on other grounds 137 N. Y. S. 2d 479; Matter of Brown, 1 Misc 2d 234.) So long as “ the law of New York relating to # * * savings banks ” remains inapplicable, the trustees are confined to the other category of investments provided in the will, those the law renders eligible for trustees. Accordingly they may invest in the “ securities and investments ” authorized by law for testamentary trustees at the time of the investment. (Personal Property Law, § 21.)

Submit decree on notice construing the will accordingly.

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3 Misc. 2d 713, 151 N.Y.S.2d 205, 1956 N.Y. Misc. LEXIS 2052, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-the-construction-of-the-will-of-pettit-nysurct-1956.

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