In re Mountain (Deceased) Public Trustee v Robson - [1934] NZLR 399

Will — Construction — Powers of Trustee — Losses on Farming Business — Trust to Lease Portion of Estate and accumulate Rents for Specified Period after which Life Interest in Land to Son and subsequent Distribution to his Widow and Children — Trust to convert Balance of Estate and invest Proceeds for Widow's Life and Life of Children of Second Marriage and then of First Marriage, with Power to carry on Farming Business thereon without Liability for Loss — Farming Business carried on by Trustee on whole Estate, due to Difficulty in Leasing Portion devised in Trust for Son owing to Depression, Yearly Sum equivalent to Fair Rental being set aside — Rule in Howe v Earl of Dartmouth inapplicable — Whether Losses to be borne by Capital or Income — Trustee not authorized to carry on Farming Business upon or use and occupy Portion of Estate devised in Trust for Testator's Son — Course adopted approved on Petition to Court — Public Trust Office Act, 1908, s 29 — Public Trust Office Amendment Act, 1921–22, s 20 — Trustee Act, 1908, s 98.