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Wills, Trusts & Estates keyed to Weisbord
State Street Bank and Trust Co. v. Reiser
Citation:
389 N.E.2d 768 (1979)Facts
Wilfred A. Dunnebier created an inter vivos trust on September 30, 1971, transferring capital stock of five closely held corporations into the trust while retaining complete power to amend or revoke the trust and the right to direct disposition of principal and income during his lifetime. He simultaneously executed a will leaving his residuary estate to this trust. Approximately thirteen months later, on November 1, 1972, Dunnebier obtained a $75,000 unsecured working capital loan from State Street Bank by signing a personal demand note. During loan negotiations, Dunnebier presented a financial statement showing controlling interests in corporations but did not disclose that he had placed the stock in trust, though the probate judge found no intent to defraud. Approximately four months after obtaining the loan, Dunnebier died in an accident. His estate contained insufficient assets to pay the bank debt. The trust instrument contained discretionary language in Article Fourteen allowing trustees to pay debts and expenses of the settlor’s estate but was not mandatory.
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