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Business Organizations Keyed to Macey
DeBaun v. First Western Bank and Trust Co.
Citation:
120 Cal. Rptr. 354 (1975)Facts
After S. Johnson Incorporated was incorporated by Alfred S. Johnson in 1955 to process color photographs to be reproduced in printed form. Johnson sold 20 of his 100 shares to James DeBaun and 10 shares to Walter Stephens. Johnson died testate. His will named appellant First Western Bank and Trust Company as executor and trustee of a trust created by the will. George Furman, an employee of Bank, was charged with the direct administration of the trust. On October 27, 1966, Bank’s trust department determined that the investment in corporation was not appropriate for the trust and decided to sell the 70 shares. DeBaun and Stephens were not told of the Bank’s plans. Respondents filed two actions against Bank. One asserted their right to recover, as shareholders, for damage caused by Bank. The other was a stockholders’ derivative action brought on behalf of corporation.
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