TED E. VAN DE KAMP et al., Plaintiffs and Appellants, v. BANK OF AMERICA, Defendant and Appellant
204 Cal. App. 3d 819 · B015445
California Court of Appeal, Second Appellate District · Filed
Published · citable
Cites 8
Holding
The court held that a trustee bank’s statutory authorization to self-deposit trust funds does not absolve it of its fundamental duty of loyalty, requiring it to account for all profits earned from the use of those funds, including "float" income, and that such profits belong to the trust beneficiaries.
Statutes construed
- BPC § 17200
- BPC § 17203
- CCP § 1032
- CCP § 437c
- CCP § 473
- CCP § 904.1
- CIV § 1573
- CIV § 2228
- CIV § 2229
- CIV § 2261
- CIV § 2322
- FIN § 107
- FIN § 1562
- PROB § 15001
- PROB § 16002
- PROB § 16004
- PROB § 16007
- PROB § 16060
- PROB § 16225
- PROB § 301
- PROB § 750
- PROB § 920.3
- PROB § 920.5
Authorities cited (8)
- Estate of SETH G. BEACH, Deceased. BANK OF CALIFORNIA, as Executor, etc., Petitioner and Respondent, v. JOETTE BEACH CARTER et al., Objectors and Appellants 15 Cal.3d 623
- Ripling v. Superior Court 112 Cal.App.2d 399
- McElroy v. McElroy 32 Cal.2d 828
- Spector v. Miller 199 Cal.App.2d 87
- Estate of CLIFFORD B. PITZER, Deceased. NEIL T. BURTON, as Executor, etc., et al., Petitioners and Respondents, v. SECURITY PACIFIC NATIONAL BANK, as Trustee, etc., Objector and Appellant 155 Cal.App.3d 979
- Estate of ERNEST C. FERAUD, Deceased. JOHN P. ARMSTRONG et al., Petitioners and Appellants, v. GRACE FERAUD BECKNER et al., Objectors and Respondents 92 Cal.App.3d 717
- Ward v. Taggart 51 Cal.2d 736
- In the Matter of the Estate of HENRY J. SHAY, Deceased; GEORGE W. SHAY et al., Appellants, v. WILLIAM SHAY et al., Respondents 196 Cal. 355