IRWIN UNION BANK & TRUST CO. V. LONG
160 Ind. App. 509, 312 N.E.2d 908 (1974)
NATURE OF THE CASE: This was petition to execute on a judgment. Appealed. Bank (D) sought
review of the order which levied a writ of execution upon a trust in satisfaction of a
judgment obtained by Long (P), ex-wife, from a divorce decree.
FACTS: Long (P) obtained a judgment against her ex-husband in a divorce decree. To
satisfy the judgment, she sought to execute on funds in a trust set up for her ex-husband by
his mother. The trust instrument gave the husband the right to withdraw up to 4% of the
principal of the trust in any given year. The lower court held that this amount of the trust
principal was not exempt from execution, and ordered a writ of execution. The trustee (D)
appeals. On appeal, the court found that the right to elect to withdraw principal was a
general power of appointment.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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