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FIDELITY UNION TRUST CO. v. PRICE

18 N.J. Super. 578 (1952)

87 A.2d 565

FIDELITY UNION TRUST COMPANY, A CORPORATION ORGANIZED UNDER THE LAWS OF THE STATE OF NEW JERSEY, ET AL., PLAINTIFFS, v. ESTHER K. PRICE, ET ALS., DEFENDANTS.

Superior Court of New Jersey, Chancery Division.

Decided March 7, 1952.

Attorney(s) appearing for the Case

Mr. Irving Riker for the plaintiffs (Messrs. Riker, Emery & Danzig, attorneys; Mr. William G. Wood, of counsel).

Mr. Borden D. Whiting for the defendants Esther K. Price and The Orange Orphan Society (Messrs. Whiting, Moore & Phillips, attorneys; Mr. Ira C. Moore, Jr., of counsel).

Mr. Harry V. Osborne for the defendant The Board of Social Service of the Diocese of Newark (Messrs. Osborne, Cornish & Scheck, attorneys).

Mr. Fredrick J. Waltzinger for the defendant Edith H. Ross Trowbridge.

Mr. Howard Isherwood, Jr., for the defendants Miriam Y. Isherwood et al.

Mr. Andrew J. Steelman for the defendant The Trustees of Rutgers College in New Jersey (Messrs. Lindabury, Steelman & Lafferty, attorneys).

Mr. Walter R. Carroll for the Camden Trust Company, amicus curiae (Messrs. Carroll, Taylor & Bischoff, attorneys).

FREUND, J.S.C.

The plaintiff brought this action under the Declaratory Judgments Act, N.J.S. 2A:16-50 et seq., for a judicial determination of the effect of the recent so-called "Prudent Man" Investment Statute, L. 1951, c. 47, N.J.S. 3A:15-18 et seq., upon certain trusts under its administration. It asserts that it is willing to invest under the authority of the statute, but doubts have arisen as to its validity...

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