INVESTMENT MATTER
POSITION UNDER A WILL. (Per Press Association). WELLINGTON, September 12. Reserved judgment was given by Mr Justice Reed in the Supreme Court in a case raising questions whether the trustees of the estate of Edward William Lowe could be permitted to invest in mortgages of land, in view of the fact that as a result of recent legislation the securities stipulated in the will no longer yield 5 per cent. His Honor held that there was an express prohibition against investment in mortgages of land, and there was no such state of emergency shown as would justify the Court in authorising a'disregard of such prohibition. He made the following declamatory order: "The Public Trustee may invest moneys, which may hereafter be in his hands as trustees of the will, in investments of a nature authorised by the will which produce, on the investments, a return of less than 5 per cent provided that at the time of the investment such moneys cannot be invested by the will producing on the investment a return of 5 per cent, or more."
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Bibliographic details
Ashburton Guardian, Volume 53, Issue 285, 13 September 1933, Page 7
Word Count
181INVESTMENT MATTER Ashburton Guardian, Volume 53, Issue 285, 13 September 1933, Page 7
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