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Wills, Trusts & Estates Keyed to Bonfield
Ward v. Nationsbank of Virginia, N.A.
Citation:
507 S.E. 2d 616 (Va. 1998)Facts
In 1965, J.L. and Pauline Hartman created a trust for their grandchildren, with Virginia National Bank as trustee, holding a 29.26-acre property in Albemarle County. In 1969, the trustee leased the land to Wendell Wood with a $750,000 purchase option at the end of a 25-year term, later assigned to Rio Associates, who developed the property into a shopping center using over $5 million in loans. A 1972 agreement allowed the trustee to subordinate its interest for development financing, converting the purchase option into a contract of sale upon the first loan in 1976, with the sale to close in 1994. Despite concerns in the late 1980s that the sale price was too low, the beneficiaries ultimately chose not to challenge the sale legally due to the cost of further investigation.
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