Estate of WILLIAM H. TALBOT, Deceased. WELLS FARGO BANK AND UNION TRUST COMPANY, Individually and as Trustee, etc., Appellant, v. WILLIAM C. TALBOT, an Incompetent Person, etc., Respondent
141 Cal. App. 2d 309 ·
California Court of Appeal · Filed
Published · citable
Cited by 2
Holding
The court held that a trustee violates its fiduciary duty under the prudent investor rule when it abdicates its independent judgment by acting on the investment advice of a beneficiary, and that such a transaction constitutes an impermissible and speculative breach of trust, warranting a surcharge for resulting losses.
Cited by (2)
- DAFNA UZYEL et al., Plaintiffs and Respondents, v. NEIL KADISHA, as Trustee, etc., Defendant and Appellant; DAFNA UZYEL et al., Plaintiffs and Appellants, v. NEIL KADISHA, as Trustee, etc., Defendant and Appellant; DAFNA UZYEL et al., Plaintiffs and Appellants, v. NEIL KADISHA, as Trustee, etc., Defendant and Respondent (2010) 188 Cal. App. 4th 866
- MELINDA A. COBERLY, a Minor., etc., Petitioner, v. THE SUPERIOR COURT OF LOS ANGELES COUNTY, Respondent; SECURITY-FIRST NATIONAL BANK, Real Party in Interest (1965) 231 Cal. App. 2d 685