Nature of the Case
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Facts
The trust provision at issue provides that Bank One shall distribute the trust property to McCombe unless he is insolvent, has filed a petition in bankruptcy or would not personally enjoy the property. When any of these events occur, the trust becomes discretionary and only when all the conditions cease to exist will McCombe again be entitled under the terms of the trust to an outright distribution. The future interest in the trust property is thus worthless to anyone but McCombe.
Holding and Decision
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Legal Analysis
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