Dennis v. Rhode Island Hospital Trust Co.

744 F.2d 893 (1984)

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Nature of the Case

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Facts

Testatrix left assets, including three commercial buildings in trust for her issue. The trust was to terminate twenty-one years after the death of Testatrix's last surviving child. At the time of suit, two of Testatrix's great-grandchildren (P) were the sole surviving issue. Over the years, the trustee (D)sold each of the buildings at a loss. P claimed that, due to the decline of the neighborhood in which the buildings were located, and the corresponding decline in value of the buildings, the trustee’s failure to sell all of the buildings by 1950 constituted a mishandling of trust assets, since it failed to consider the long-term value of the assets and the interest of the remaindermen as well as the interest of the income beneficiaries. The lower court found for P and ordered a surcharge against the trustee. Both parties appeal.