North Carolina Business Litigation Report

Heinitsh v. Wachovia Bank, 2007 NCBC 19 (N.C. Super. June 11, 2007)(Tennille)

This case involved a trustee caught between the income beneficiary and the remainder beneficiaries of a trust. The beneficiaries disputed whether proceeds of the sale of property were income, to be distributed to the income beneficiary, or principal, to be held in trust for the remainder beneficiaries. The trustee elected to put the money in a money market account while the beneficiaries attempted to solve the dispute. The Court engaged in a thorough discussion of the fiduciary duties of a trustee, and found that the trustee had acted reasonably and in good faith.

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Mack Sperling
Brooks Pierce, LLP
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