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Irwin Union Bank & Trust Co. v. Long
Indiana Court of Appeals
312 N.E.2d 908 (1974)
Victoria Long (plaintiff) obtained a $15,000 judgment against her former husband, Philip W. Long, stemming from their divorce decree. Philip W. Long was the beneficiary of a trust established by his mother under which Philip, upon written notice to the trustee, had the “right to withdraw from principal once in any calendar year . . . four percent of the market value of the entire trust.” Philip, however, had never exercised this right to withdraw principal. Victoria brought an action against the trustee, Irwin Union Bank and Trust Company (Union Bank) (defendant) to satisfy her judgment against Philip from the assets of the trust. The trial court found that Victoria could reach four percent of the trust assets to satisfy her judgment against Philip. Union Bank appealed, asserting that Philip Long’s right to withdraw four percent of the trust assets is a general power of appointment that his creditors could not reach because he had never exercised this power. Victoria argued on appeal that Philip had present enjoyment of four percent of the trust assets because his power to exercise the right to reach four percent of the trust assets is absolute and not controlled by the Trustee.
Rule of Law
Holding and Reasoning (Lowdermilk, J.)
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