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Case Citations [1] (July 2021 - April 2022)

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                                          TRUSTS



                    CHAPTER 7. THE ADMINISTRATION OF THE TRUST

                               TOPIC 1.   GENERAL PRINCIPLES

§ 167. Change  of Circumstances

Ark.App.2021.   Cit. in ftn. to diss. op. Trust beneficiary filed a petition for a declaratory judgment
against successor trustee, who was also a beneficiary, alleging, among other things, that trustee
undervalued a 100-acre parcel of land that he and his wife purchased from the trust. On remand, the trial
court conducted a hearing and found that the parcel was worth significantly more than trustee's
valuation. This court affirmed in part and remanded with instructions that the sale be set aside, that any
purchase money  be refunded, and that the parcel be returned to the trust estate to be divided equally
among  the beneficiaries. A dissent cited Restatement of Trusts § 167 in noting that, although it disagreed
with other portions of the decision, the end result of the trial court's decision with respect to the parcel
accorded with the intent of settlors, namely, that trustee receive the parcel in exchange for fair market
value and that the other beneficiaries receive other trust assets of equal value. Clark as Trustee of Clark
Revocable  Trust u/d/t July 23, 1997 v. Summers, 619 S.W.3d 886, 898.


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For earlier citations, see the Appendices, Supplements, or Pocket Parts, if any, that correspond to the subject matter under examination.


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