ALLARD V. PACIFIC NATIONAL BANK
663 P.2d 104 (1983)
NATURE OF THE CASE: This was an action for the breach of fiduciary duties.
FACTS: Allard and Orkney (Ps) are life beneficiaries of inter vivos trusts established by
their parents. Pacific Bank (D) was the trustee. The sole asset was property in downtown
Seattle. The property was subject to a 99 year lease the settlers had entered into in 1952
with Seafirst Bank at a fixed rental rate for the entire period. The lessee held a right of
first refusal in the event that the lessor wished to sell. In 1977 Seafirst assigned its
interest to Credit Union which offered to buy the property for $139,000. D insisted on
$200,000 and the deal was signed. About six weeks later, D informed Ps of the sale. This
action for breach of fiduciary duty was instituted. The trial court ruled that D had acted
in good faith and in compliance with its duties. Ps appealed.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
Get
free access to the entire content for Mac, PC or Online
for 2-3 days and free samples
of all kinds of products.
for 2-3 days and free samples of all kinds of products.
https://bsmsphd.com
© 2007-2016 Abn Study Partner
No comments:
Post a Comment