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MATTER OF CITY BANK FARMERS TRUST CO.

1 Misc.2d 234 (1955)

In the Matter of the Accounting of City Bank Farmers Trust Company, as Substituted Trustee under the Will of Robert I. Brown, Deceased.

Surrogate's Court, New York County.

July 13, 1955.

Attorney(s) appearing for the Case

Conrad Saxe Keyes for substituted trustee, petitioner.

Stanley D. Brown and E. Douglas Hamilton for Kenneth D. Brown and another, individually and as executors of Ethel D. Brown, deceased, and as executors of Orella D. Brown, deceased, and others, respondents.

FRANKENTHALER, S.

In this accounting proceeding the substituted trustee requests a construction of Article Tenth of the will which directs that new investments be "in such securities as savings institutions are authorized by the laws of the State of New York to purchase or invest in." The court concurs with the trustee that the modifications of law respecting investments by savings banks can no longer be applied by testamentary trustees owing to changes...

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