Searching over 5,500,000 cases.


searching
Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.

Meyer v. Meyer

June 25, 2010

ANTHONY MEYER AND JOSEPH MEYER, PLAINTIFFS,
v.
DONALD MEYER, INDIVIDUALLY AND AS TRUSTEE OF THE RICHARD THOMAS AND MARGARET JOSEPHINE MEYER LIVING TRUST, AND LINDA MEYER, DEFENDANTS.



The opinion of the court was delivered by: Gary L. Sharpe District Court Judge

MEMORANDUM-DECISION AND ORDER

I. Introduction

Plaintiffs Anthony and Joseph Meyer commenced this action against defendant Donald Meyer, individually and as Trustee of the Richard Thomas and Margaret Josephine Meyer Living Trust, for breach of fiduciary duty, and against Donald and Linda Meyer for conversion, unjust enrichment, and the imposition of a constructive trust. (See Compl., Dkt. No. 1.) Pending are Anthony and Joseph Meyer's motion for summary judgment, and Donald and Linda Meyer's cross-motion for summary judgment. (Dkt. Nos. 28, 31.) For the reasons that follow, both parties' motions are denied.

II. Background

A. Factual History

On June 16, 1996, Richard Meyer, Sr. and his wife, Margaret Meyer, created the Richard Thomas and Margaret Josephine Meyer Living Trust, which they subsequently amended on August 11, 1998. (See Pl. SMF ¶ 11, Dkt. No. 28:3.) Article II of the Agreement, as amended, provides:

The net income may be distributed in monthly or other convenient installments to or for the benefit of [Richard Meyer, Sr.] and [Margaret Meyer] during their lives, and thereafter to or for the benefit of the survivor during his or her life, as needed, together with all or any portion of the principal [of the Trust] as the Settlors may from time to time request. Any net income not distributed shall be added to the principal of the trust.

If at any time or times both the Settlors, or the surviving Settlor is under legal disability or by reason of illness or physical disability ... is unable to properly manage the Settlor's affairs, the Trustee shall use and expend for the benefit of the Settlors, all or any portion of the net income and principal of the trust at such time and in such manner as the Trustee may deem advisable in the Trustee's sole and absolute discretion, and any net income not distributed shall periodically be added to and commingled with the principal of the trust.

The primary purpose of this trust is to provide for the income beneficiaries (Settlors), and the rights and interests of remaindermen are subordinate and incidental to the purpose.

The provisions of this trust shall be construed liberally in the interest and for the benefit of the income beneficiaries. (Farren Decl., Ex. D, Trust Agreement at 2-3, Dkt. No. 28:2.) Article III, which addresses the manner in which the income and principal of the trust should be distributed upon the settlors' deaths, reads:

A. From and after the death of the first Settlor, the Trustee shall continue to hold, administer, manage and dispose of the trust estate for the benefit of the surviving Settlor, and the income and principal of [the] trust estate shall continue to be held and distributed as set out in Article II ....

B. Upon the death of the surviving Settlor, the Trustee shall distribute the net trust estate, as then constituted, together with any amounts which may be added thereto, if any, from whatever source, as follows:

1. The sum of one hundred thousand 00/100 dollars ($100,000.00) to Merrill Lynch Trust Company, as Trustee of the Richard Thomas Meyer Jr. Trust, for the benefit of the Settlors' son, Richard Thomas Meyer, Jr., to be held and administered pursuant to the terms of the Richard Thomas Meyer, Jr. Trust as set forth in Paragraphs C and E below.

2. All the rest, residue and remainder shall be distributed in the following manner:

a. Fifty percent (50%) to Merrill Lynch Trust Company, as Trustee of the Richard Thomas Meyer Jr. Trust, for the benefit of Settlors' son, Richard Thomas Meyer, Jr., to be held and administered pursuant to the terms of the Richard Thomas Meyer, Jr. Trust ....

b. Fifty percent (50%) to Merrill Lynch Trust Company, as Trustee of the Donald William Meyer Trust, for the benefit of Settlors' son, Donald William Meyer, to be held and administered pursuant to the terms of the Donald William Meyer Trust as set forth in paragraphs D and E below.

C. Richard Thomas Meyer Jr. Trust: The Trustee ... shall hold this trust for Richard Thomas Meyer, Jr., as beneficiary, as follows:

1. The Trustee shall manage the trust fund and shall pay to or apply for the benefit of the beneficiary, Richard Thomas Meyer, Jr., in monthly or other convenient installments, so much of the net income and so much of the principal of the trust estate as the Trustee deems advisable for the proper health, education, maintenance, and support of the beneficiary. That discretion shall be exercised after taking into consideration all other income and cash resources known to the Trustee that are available to the ...


Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.