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In re Trusteeship of Mayo

Minnesota Supreme Court
259 Minn. 91, 105 N.W.2d 900 (1960)


Dr. Charles Mayo established two trusts. Each trust directed the trustees (defendants) to invest the funds to maintain their value. However, the trusts prohibited the trustees from investing in corporate stock. Esther Mayo Hartzell (plaintiff), a beneficiary, petitioned the court to deviate from the restriction on corporate investments, in order to protect the funds from inflation. Given the significant changes to inflation since the trusts had been created, Hartzell presented evidence that if no deviation were permitted, the trusts would not keep up with inflation and in 20 years would be worth less than 25 percent of what they were worth at Mayo’s death. The trial court denied Hartzell’s petition. Hartzell appealed.

Rule of Law


Holding and Reasoning (Dell, C.J.)

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