County National Bank & Trust Co. v. Sheppard

Holding

The court held that a testamentary trustee possesses the right to retain and set off a beneficiary’s distributive share of a trust’s principal against a matured, liquidated debt the beneficiary owes to the trust estate, notwithstanding the existence of a spendthrift provision, and that the proper method for valuing stock of a closely held corporation requires an examination of the corporation’s net asset value rather than relying on book value or speculative income-based appraisals.