The Howard Savings Institution of Newark, New Jersey

Summary

The Supreme Court of New Jersey affirmed the Chancery Division's judgment that the bequest to Amherst College creates a charitable trust and that the doctrine of cy pres applies, permitting the removal of the Protestant‑Gentile restriction and allowing the funds to be administered by Amherst. The court also held that the executor has standing to appeal on behalf of the affected class of beneficiaries. Justice Haneman dissented, arguing that a substituted trustee should be appointed rather than striking the restriction.