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Wills, Trusts & Estates Keyed to Gallanis
Dennis v. Rhode Island Hospital Trust National Bank
Citation:
744 F.2d 893 (1st Cir. 1984)Facts
The plaintiffs are the great-grandchildren of Alice M. Sullivan and beneficiaries of a trust created under her will. They claimed in the district court that the Bank trustee had breached various fiduciary obligations owed them as beneficiaries of that trust. The controversy arises out of the trustee’s undivided interests in three multi-story commercial buildings in downtown Providence. The buildings were all constructed before the beginning of the century. At the time of the creation of the trust in 1920, its interests in the three buildings were worth more than $300,000. The trustee was authorized by the will to sell real estate. When the trustee finally sold the buildings in 1945, 1970, and 1979, respectively, it did so at or near the lowest point of their value; the trust received a total of only $185,000 for its interests in them. These losses, in plaintiffs’ view, reflect a serious mishandling of assets over the years.
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