Successor Trustee Bound by 'Final and Binding' Appraisal

Business Valuation UpdateVol. 9 No. 5
Legal and Court Case Update
May 2003

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6733 Trusts, Except Educational, Religious, and Charitable
525920 Trusts, Estates, and Agency Accounts
contract
breach of contract
Drummy v. Wall Co., Inc.
2003 Mich. App. LEXIS 323
February 11, 2003
US
State Court
Michigan
Court of Appeals
Steven J. Shanker (for Wall Co.)
Per Curiam

Summary

The predecessor trustee of a family trust did not object to the selection of an appraiser to value the closely held company stock, which would be transferred to the trust on the death of the majority shareholder.

See Also

Drummy v. Wall Co., Inc.

Full Text of Court Cases
February 11, 2003

Successor trustee brought suit against the company for breach of contract, arguing that the appraiser the prior trustee selected was not independent as the shareholder agreement required.