Section 495 of Gen. Statutes specifies sundry securities on which "trust funds, unless it is otherwise provided in the instrument creating the trust, may be loaned." Held not to be mandatory. If trustees invest in the securities expressly allowed by the statute, the will, unless under very extraordinary circumstances, be protected, no matter how the investment may result. All other investments must be justified, when occasion requires, under the rigid rules applicable to investments made by trustees upon their own judgment. A. will authorized trustees to sell property and invest the proceeds in other property to he held in trust in the place of the property sold. Held not to confer any other than the ordinary rights of trustees, and that they must invest, under the, responsibilities usually attaching to trustees
SEYMOUR, J.
AS to the power given at the close of clause seventh, to invest the proceeds arising from the sale of a part or the whole of the residue, there is nothing in the language conferring other than the ordinary rights and duties upon the trustees named therein. They must invest under the responsibilities usually attaching to trustees.
We do not construe the provisions of section 495 of the General Statutes as mandatory and as depriving trustees of all discretion as to investments. If they invest in the securities expressly allowed by the statute they will, except under very extraordinary circumstances, be protected, no matter how the investment may result. Acting within the express provisions of the statute would be, of itself, proof of good faith and sound discretion.