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FIDELITY UNION TRUST CO. v. PRICE

11 N.J. 90 (1952)

93 A.2d 321

FIDELITY UNION TRUST COMPANY, A CORPORATION ORGANIZED UNDER THE LAWS OF THE STATE OF NEW JERSEY, PLAINTIFF-APPELLANT AND RESPONDENT, v. ESTHER K. PRICE, ET AL., DEFENDANTS-RESPONDENTS AND CROSS-APPELLANTS.

The Supreme Court of New Jersey.

Decided December 22, 1952.

Attorney(s) appearing for the Case

Mr. Irving Riker argued the cause for the appellant-respondent Fidelity Union Trust Company (Messrs. Riker, Emery and Danzig, attorneys; Mr. William G. Wood, on the brief).

Mr. Ira C. Moore, Jr., argued the cause for the respondents-cross appellants Esther K. Price and the Orange Orphan Society (Messrs. Whiting, Moore and Phillips, attorneys).

Mr. Harry V. Osborne, Jr., argued the cause for the respondent-cross appellant Board of Social Service of the Diocese of Newark (Messrs. Osborne, Cornish and Scheck, attorneys).

Mr. William Rowe argued the cause for the respondent-cross appellant Trustees of Rutgers College (Messrs. Lindabury, Steelman and Lafferty, attorneys).

Mr. Fredrick J. Waltzinger argued the cause for the respondent-cross appellant Edith Ross Trowbridge.

The opinion of the court was delivered by VANDERBILT, C.J.

The Fidelity Union Trust Company, individually and in a fiduciary capacity, instituted this action in the Chancery Division of the Superior Court seeking a declaratory judgment as to the constitutionality and general application of the so-called Prudent Man Investment Statute (N.J.S. 3A:15-18 et seq.) and its application to four specific trusts created prior to its passage. On the petition...

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