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Wills, Trusts & Estates keyed to Dobris
Matter of Estate of Rothko
Facts
Mark Rothko (Rothko) was a famous expressionist painter whose paintings were of substantial value. The principal sum of his estate was composed of 798 paintings. Within a three week period following Rothko’s death, the three executors whom he had named to manage his estate had dealt with all the paintings via two contracts with interested galleries. Two of the executors had interests in the galleries. Rothko’s children petitioned to have the executors removed from the estate management and sought to enjoin the galleries from disposing of the paintings. The children also sought to rescind the sales contracts and to recover damages for breach of fiduciary duties. The lower court held for the children and held that the appreciated value at the time of the trial should serve as the measure for damages for all unreturned paintings. Appellant executors appeal the lower court ruling removing them as executors of the estate.
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