(DOWNLOAD) "Childs v. National Bank of Austin" by Seventh Circuit United States Court of Appeals " eBook PDF Kindle ePub Free
eBook details
- Title: Childs v. National Bank of Austin
- Author : Seventh Circuit United States Court of Appeals
- Release Date : January 25, 1981
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 63 KB
Description
This appeal presents issues that evolve from a rather deeply intertwined control over both a testamentary trust and the corporation partially owned by the trust. A single individual serves as chairman of the board of the trustee bank and member of the bank's trust committee, chairman of the board of the corporation, and senior partner in the law firm that advises both the trustee and the corporation. The trust beneficiaries claimed in this lawsuit that the trustee and the individual defendants breached their fiduciary duties to the trust. After trial on the merits of the claim, the district court entered judgment adverse to the beneficiaries and we are asked in this appeal to determine whether the district court erred in its ruling. Judson M. Fuller established the Fuller Trust in his will, which was executed on March 6, 1953. The trust instrument provided that Fuller's shares in the Harrington and King Perforating Company (Harrington and King), 67.7% of the total outstanding shares of the company, would be the trust property to be managed for the benefit of his children and their heirs. Fuller named as co-trustees his son, Judson E. Fuller, and the National Bank of Austin (the Bank). Paragraph 4(a) of the instrument empowers Judson E. Fuller, for as long as he desires, with the sole voting authority over the stock owned by the Fuller Trust to be voted in a manner which is in the best interests of the beneficiaries and the corporation. Paragraph 4(e) gives the trustee or the surviving co-trustee, the Bank, the power to deal with the stock in the best interests of the beneficiaries. Judson M. Fuller died on February 5, 1963, and the Fuller Trust was created. The Bank was the executor of Judson M. Fuller's estate.
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