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American National Bank of Cheyenne v. Miller
Wyoming Supreme Court
899 P.2d 1337 (1995)
Evelyn Plummer established trust, which provided that upon her death a monthly distribution was to be made to her son-in-law, George Miller. Upon his death the remainder was to be divided into shares for each surviving grandchild, to be distributed 20% at a time at ages 23, 28, and 35. After the last payment to the last grandchild, the remainder was to be distributed to the University of Wyoming. Following Plummer’s death, Miller assigned his interest in the monthly distributions to Plummer’s three grandchildren. The three grandchildren all reached 35 years of age. Mr. Miller, the grandchildren, and the university (the beneficiaries) agreed to terminate the trust and divide the trust assets, despite the fact that Mr. Miller was still living. The trustee refused to terminate the trust. The beneficiaries (plaintiffs) brought an action for declaratory judgment against the trustee (defendant), requesting termination of the trust. The district court entered summary judgment in favor of the beneficiaries, and terminated the trust. The trustee appealed.
Rule of Law
Holding and Reasoning (Kautz, J.)
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