Opinion
Gen. No. 9,622. (Abstract of Decision.)
Opinion filed February 28, 1949 Rehearing denied April 16, 1949 Released for publication April 18, 1949
TRUSTS, § 240 — powers of court. Where, pursuant to consent decree entered in 1925, four then current beneficiaries were appointed as cotrustees of testamentary trust valued in excess of $3,000,000 at that time, and trust funds were, with approval of court and all concerned, deposited in a bank in which two of the cotrustees were stockholders until death of one cotrustee in 1945, and two of the then three surviving cotrustees were nonresidents of Illinois, a court of equity could in its discretion appoint a life beneficiary and contingent remainderman, residing in Illinois near center of trust activities and qualified by education and experience pertaining to trust affairs and also an officer and stockholder in bank, as a fourth cotrustee, but court should not have directed trustees to designate another bank as depository for trust funds.
See Callaghan's Illinois Digest, same topic and section number.
Appeal from the Circuit Court of DeWitt county; the Hon. GROVER W. WATSON, Judge, presiding.
Affirmed in part and reversed in part, with directions. Heard in this court at the February term, 1949.
James S. Baldwin and LeForgee Samuels, for appellant;
George J. Smith and Wirt Herrick, guardian ad litem, for appellee.
Not to be published in full. Opinion filed February 28, 1949; rehearing denied April 16, 1949; released for publication April 18, 1949.