From our private database of 14,000+ case briefs...
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.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 201,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 14,000 briefs, keyed to 188 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.