Estate of EMMA C. HEARD, Deceased. JOHN W. HEARD, JR., Respondent, v. BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION et al., Appellants
107 Cal. App. 2d 225 ·
California Court of Appeal · Filed
Published · citable
Cited by 4
Holding
The court held that a trustee vested with discretionary power to allocate between principal and income is not immune from judicial oversight and must exercise that discretion within the bounds of reasonable judgment and in accordance with the testator’s intent, and that a 20% stock dividend declared from post-trust earnings constituted income for the life tenant under the prevailing Pennsylvania rule.
Cited by (4)
- Estate of WILLIAM NICHOLAS, Deceased. DONALD F. LINSTEADT, as Successor Trustee, etc., Petitioner and Respondent, v. NICOLI G. NICHOLAS, Objector and Appellant; MARIA NICHOLAS KELLY et al., Claimants and Respondents (1986) 177 Cal. App. 3d 1071
- Estate of CHARLES F. TRAUNG, Deceased. WELLS FARGO BANK AMERICAN TRUST COMPANY et al., as Trustees, etc., Petitioners and Appellants, v. ROBERT H. BAXTER, as Guardian, etc., Objector and Respondent (1962) 207 Cal. App. 2d 818
- NORMAN ELLIOTT, as Special Administrator, etc., Petitioner, v. THE SUPERIOR COURT OF LOS ANGELES COUNTY, Respondent; SECURITY-FIRST NATIONAL BANK, as Trustee, et al., Real Parties in Interest (1968) 265 Cal. App. 2d 825
- Estate of HASKELL J. DYE, Deceased. SCOTT T. DYE, Petitioner and Appellant, v. PHILLIP JOE BATTLES et al., Objectors and Respondents (2001) 92 Cal. App. 4th 966