Armistead v. Trust Co. Of Ga., s. 10209, 10225.

Decision Date21 January 1935
Docket NumberNos. 10209, 10225.,s. 10209, 10225.
Citation180 Ga. 148,177 S.E. 787
PartiesARMISTEAD et al. v. TRUST CO. OF GEORGIA et al. TRUST CO. OF GEORGIA. v. GOODRUM et al.
CourtGeorgia Supreme Court

Syllabus by the Court.

The language included in the will granting to the trustee "full and complete power and authority to make investments according to its best judgment, without obtaining any order of court authorizing it so to act, " authorized the trustee in the exercise of its best judgment to make investments in property of any kind, and to retain investments made by the testator during his lifetime, without obtaining any order of court so to do, and without regard to whether the investments made or to be made fall within the class specially approved by the statute law (Civ. Code 1910, § 3763 et seq.) of this state touching investments by trustees and guardians.

Error from Superior Court, Fulton County; Virlyn B. Moore, Judge.

Petition for instructions by the Trust Company of Georgia, trustee under the will of James J. Goodrum, Jr., deceased, to which Mrs. Mary Patterson Goodrum filed an answer, and to which Mrs. Frankie McCrory Armistead and others filed a demurrer. To review the judgment, demurrants bring error, and petitioner files a cross-bill of exceptions.

Affirmed on main bill of exceptions, and cross-bill dismissed.

The Trust Company of Georgia filed its petition, and alleged, in substance, that it is the duly constituted and qualified trustee of the trust fund created by the will of James J. Goodrum, Jr., deceased, a copy of which will is attached to the petition; that at the time of his death his estate was worth about two and a half millions of dollars, most of which consisted of stocks and bonds; that petitioner has disposed of some of these for reinvestment, presenting a list of those retained as trustee. Numerous allegations are made, most of which refer to item 7 of the will. The prayer is, that the court construe the will in so far as the powers of investment of petitioner are concerned, and instruct petitioner whether, under the will and the law applicable thereto, petitioner has authority to invest the funds of the estate in nonstatutory securities, or to retain nonstatutory securities which the testator owned at the time of his death; that notice be given to the beneficiaries of the estate: and that all of said beneficiaries be required to show cause why the prayers of the petition should not be granted. Item 7 of the will is as follows: "To the end that my executor and trustee may better administer my estate and the trusts created under the provisions of this will, I give and grant unto it full and complete power and authority, while acting as such executor or as such trustee, to sell any and all property belonging at any time to my estate, while the same remains unadmin-istered, or to the trusts hereby created, while the same remain unexecuted, either at public or private sale, upon such terms and at such prices as such executor and such trustee may determine upon and to make investments according to its best judgment, without obtaining any order of court authorizing it so to act." To the petition are also attached copies of notices of some of the heirs, as to their dissatisfaction with the sale and reinvestment of certain securities.

Mrs. Mary Patterson Goodrum filed her answer, setting up the value of the estate at more than two and a half millions of dollars, agreeing to the statements set up in the petition, and asking that its prayers be granted. Mrs. Frankie McCrory Armistead, W. Malcolm McCrory, Berryman T. Goodrum, James T. Goodrum, Mrs. Mildred Heyward, J. Goodrum Norris, and Alonzo...

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