89 N.J. Eq. 144 | New York Court of Chancery | 1916
The deed, of trust provides for three trustees and'for succession by appointment by the court to any trustee who shall die, refuse or become unable to discharge his duties. Hpon the filing of the petition, the two surviving trastees expressed a desire to
The reasons which induce me to grant the prayer of the petition are as follows:
The parties in interest assent; it has been difficult to get responsible disinterested persons, satisfactory to all parties in interest, to accept the trust as individual trustees; individual trustees would be required to give large surety bonds at considerable expense to the estate; appointment of a qualified trust company will ensure succession for the life of the trust; the expense and trouble of probable further applications for appointment of successor trustees during the next twenty-one years will be obviated; the compensation allowed by the trustee agreement is inadequate when divided among three trustees, and is scarcely adequate for one; it is doubtful if three trustees of ability and responsibility could be found who would be willing to accept their meagre share of the total compensation provided, for the increasing trouble and responsibilities of administering the trusts; the number of beneficiaries concerned has already increased over those provided for originally, and there will be many more to deal with in the future; a trust company is now qualified by law to accept appointment as trustee; at the time the trust was created trust companies, in New Jersey were not legally qualified to accept appointment, and it is not unreasonable to assume that if the law of New Jersey had permitted the appointment of a trust company as trustee, the donor would
