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After a lengthy trial the court made findings of fact and orders - which approved the trustees' fifth account current and the deferred portions of the prior fourth account current which granted the trustees' petition for instructions (Prob. The current controversy between the testamentary trustees (respondents) and four of the charities (Charities) presents the issue whether the trustees acted legally and prudently in deferring collection of certain promissory notes payable to the trust by Sky Harbor Ranchos and Estates (Sky Harbor), a closely held California land development corporation. The remainder of the trust income is payable equally to six named charities, which also will share equally in the corpus of the trust on the death of the last eligible annuitant. Gilliland (the annuitants), a total of $125,000, and on the death of each annuitant (with one exception) to pay the same sum on a representational basis to the annuitant's issue. The will directs the trustees to pay out of net income $25,000 a year to each of five nieces and nephews of Mrs. The Trust, funded on 31 October 1967 with assets appraised at $16,500,000, generates gross annual income in excess of $900,000. 1 established under the will of Elsinore Machris Gilliland, who died 12 January 1967. Jay for Petitioners and Respondents.įor the fourth time an appellate court is called upon to resolve a dispute concerning the Gilliland Testamentary Trust (the Trust), fn. Wolfe, Ball, Hunt, Hart, Brown & Baerwitz, Joseph A. Dicker, Meserve, Mumper & Hughes and Peter A. AMERICAN HEART ASSOCIATION et al., Objectors and Appellants UNION BANK, as Co-trustee, etc., et al., Petitioners and Respondents, v. Estate of ELSINORE MACHRIS GILLILAND, Deceased.
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