Shriners Hosps. for Children v. First N. Bank of Wyoming

Alfred and Pegge Cooksley placed their ranch and other property in a revocable charitable trust (Trust) that named Shriners Hospitals for Children and the Kalif Children’s Travel Fund as beneficiaries and First Northern Bank of Wyoming as the successor trustee. The year 2100 was specified as the Trust’s termination date. After Pegge and Jack died, Shriners filed a petition seeking termination of the Trust and an immediate distribution of the Trust assets. Shriners separately filed a complaint against First Northern Bank alleging that it had breached its fiduciary duty to the Trust beneficiaries. The district court ruled against Shriners and directed Shriners to pay First Northern Bank its attorney fees and costs. The Supreme Court affirmed, holding (1) the district court did not err in ruling that the Trust does not violate the rule against perpetuities; and (2) the district court did not err in denying Shriners’ claims against First Northern Bank and awarding attorney fees and costs. View "Shriners Hosps. for Children v. First N. Bank of Wyoming" on Justia Law