Taylor's Estate

277 Pa. 518 (1923)

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Nature of the Case

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Facts

William died in 1899 leaving part of his residuary to Fidelity Trust in trust to pay the income to his daughter for her life, remainder to her children who survive her. The present action was filed by the daughter and her son to determine if the will authorized either the retaining or acquiring of certain classes of securities in which the funds of the estate were invested. The judge decided that the will did not authorize the purchase or retention of nonlegal securities and surcharged the trustees for $9,087.60 for losses on bonds which originally had come to accountant as trustee from itself as executor, plus $43,018.75 for the price of sundry nonlegal securities originally purchased and still held by the trustee. This appeal resulted.