Excerpt from Liabilities of Trustees for Investments: General Principles; Statutes and Decisions of the Various States; Typical List of Investments Legal in Connecticut, Massachusetts, Maryland and New York
A careful search has revealed the fact that there is no separate treatise in the United States dealing with the subject of investments by trustees. It has seemed advisable, therefore, to prepare a volume devoted to a discussion of general principles, a compilation of the statutes of the states, and a digest of the leading decisions in each state. For the benefit of trustees and for the purpose of indicating the extent to which some of the states have gone in extending the field of investments, a list of securities which are legal in those states has also been added. Although the list may be revised slightly from time to time, the securities named are standard and are, with a few exceptions, likely to remain legal.
Lack of uniformity in the laws of the various states is notable, and the work will justify itself if it affords a present guide for the proper investment of trust funds and at the same time indicates the necessity for uniform laws on the subject and the creation of reliable sources of information for the benefit of trustees.
The need for such a book has been evident in connection with the preparation of the legal discussions for Trust Companies Magazine, and the author wishes to express his appreciation for valuable suggestions made by the editor of Trust Companies Magazine, and Mr. Orrin R. Judd, Assistant Trust Officer of the Columbia-Knickerbocker Trust Company.
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