RYNE W. BROWN v. CATHERINE L. BROWN, Trustee, ET AL. (Tenn. Ct. App. February 9, 2011)
Appellant contends that he is a beneficiary of a trust created by his parents and thus entitled to distributions of principal and income. In a declaratory judgment action, the trial court determined that Appellant was not entitled to mandatory distributions of income or principal until both of his parents were deceased. We affirm this portion of the trial court's judgment. The trial court also determined that no corporate trustee was required. We reverse this portion of the trial court's judgment and remand for the appointment of a corporate trustee.
Opinion available at:
http://www.tba2.org/tba_files/TCA/2011/brownr_020911.pdf
Showing posts with label Disposition of Trust Assets. Show all posts
Showing posts with label Disposition of Trust Assets. Show all posts
Wednesday, February 9, 2011
Monday, January 31, 2011
Court Reviews Whether the Trial Court Properly Found that Trust Documents Provided for Full Disposition of the Trust Assets
DAVID L. MORROW and JUDY M. WRIGHT v. SUNTRUST BANK, ET AL. (Tenn. Ct. App. January 31, 2011)
Appellants filed a complaint for declaratory judgment seeking to be named the sole heirs to trust residue. However, the Attorney General moved for summary judgment, claiming that a later trust document provided for a full disposition of the trust assets, and therefore, that no assets remained to which Appellants could be entitled. The trial court granted summary judgment, finding that the intent to leave no residue stated in the later document superseded the prior edition.
On appeal, Appellants argue that intent is irrelevant without a determination of the legal efficacy of the trust documents, and that the trial court lacked subject matter jurisdiction to render an advisory opinion. We find that the trial court properly exercised subject matter jurisdiction in adjudicating the declaratory judgment. Additionally, we affirm the trial court's denial of attorney fees and costs to SunTrust incurred at trial, and we decline to award SunTrust its attorney fees and costs incurred on appeal.
Opinion may be found here:
http://www.tba2.org/tba_files/TCA/2011/morrowd_013111.pdf
Appellants filed a complaint for declaratory judgment seeking to be named the sole heirs to trust residue. However, the Attorney General moved for summary judgment, claiming that a later trust document provided for a full disposition of the trust assets, and therefore, that no assets remained to which Appellants could be entitled. The trial court granted summary judgment, finding that the intent to leave no residue stated in the later document superseded the prior edition.
On appeal, Appellants argue that intent is irrelevant without a determination of the legal efficacy of the trust documents, and that the trial court lacked subject matter jurisdiction to render an advisory opinion. We find that the trial court properly exercised subject matter jurisdiction in adjudicating the declaratory judgment. Additionally, we affirm the trial court's denial of attorney fees and costs to SunTrust incurred at trial, and we decline to award SunTrust its attorney fees and costs incurred on appeal.
Opinion may be found here:
http://www.tba2.org/tba_files/TCA/2011/morrowd_013111.pdf
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