Forbes v. Forbes

509 P.3d 888 (2022)

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Forbes v. Forbes

Wyoming Supreme Court
509 P.3d 888 (2022)

SC

Facts

The Forbes family created the Becton Ranch Trust. The trust provided that the trustees, who were also beneficiaries of the trust, could purchase at fair value any interest in the trust that was transferred to an individual who was not a descendant of William Forbes. The provision gave the trustees the discretion to appraise the shares’ value. The trust had 21 beneficiaries and four trustees. Waldo Forbes (Spike) (plaintiff) sought to transfer shares in the trust to his stepsons, who were not descendants of William. The trustees exercised their option to appraise and purchase. The trustees decided that the fair value of the shares would be determined by a sealed bid process, during which trustees would bid the price that they believed a knowledgeable third party would pay. The trustees set the minimum bid for each share at $4,000. Cam, a trustee, later acknowledged that this was a low starting point. Based on the bids, the trustees set the fair value of the shares at $5,972.22. Trustee Edith Forbes purchased one of the shares for $6,000. Spike filed a complaint, arguing that that the trustees breached their fiduciary duty of loyalty by using the sealed-bid process. The trial court found that the trustees did not breach their duty of loyalty by using the process. Spike appealed.

Rule of Law

Issue

Holding and Reasoning (Overfield, J.)

Concurrence/Dissent (Kautz, J.)

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