Venables v. Seafirst et al
N/AOUTCOME: Plaintiff's appeal of summary judgment denied.
Plaintiff/Appellant claimed that the trustee (Seafirst Bank) violated the trust instrument by charging 1/2 its fees to income of the trust and 1/2 to principal. The plaintiff (who would inherit 1/2 o ... f the trust on her mother's death) asked the court to rule that all of Seafirst's fees should be charged against the trust's current income, which would therefore be likely to increase the amount remaining in the trust on her mother's death, but which would also be likely to diminsh the amount of the trust's income during her mother's lifetime. Plaintiff's mother (Margaret Baillargeon) and brother (John Baillargeon) intervened in the suit as defendants in order to support Seafirst's allocation of its fees against both income and principal. In a published opinion, the Court of Appeals upheld the allocation of trustees fees by Seafirst Bank.
