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Wills, Trusts & Estates keyed to Weisbord
Jimenez v. Lee
Citation:
547 P.2d 126 (1976)Facts
In 1945, shortly after plaintiff Betsy Lee’s birth, her paternal grandmother purchased a $1,000 U.S. Savings Bond registered in the names of defendant Jason Lee and/or plaintiff and/or Dorothy Lee (plaintiff’s mother) to provide funds for plaintiff’s educational needs. In 1956, Mrs. Adolph Diercks, one of defendant’s clients, made a $500 gift for plaintiff’s benefit, along with identical gifts for defendant’s two other children, deposited in a joint savings account. In 1960, defendant cashed the savings bond and invested the proceeds in Commercial Bank stock, registering ownership as “Jason Lee, Custodian under the Laws of Oregon for Betsy Lee.” He similarly invested $1,000 from the joint savings account in Commercial Bank stock as custodian. Defendant, an attorney, failed to maintain separate records of trust income and expenditures and provided only a summary of various expenditures prepared from cancelled checks gathered for litigation purposes.
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