In Re Trusteeship Under Agreement With Mayo

105 N.W. 2d 900 (1960)

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Nature of the Case

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Facts

Mayo created two trusts that remained revocable until his death in 1939. The trustees were authorized under both instruments to invest in real estate mortgages, municipal bonds and other forms of interest-bearing property but not real estate nor corporate stock. A number of beneficiaries petitioned for deviation from the investment restrictions. The request was based on inflation that arose that could not be foreseen and had reduced the real assets by more than 50%. The trial court denied that request. This appeal resulted.