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Little River Bank & Trust Co. v. Peskin (In re Estate of Rosenthal)

189 So. 2d 507 (1966)

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Little River Bank & Trust Co. v. Peskin (In re Estate of Rosenthal)

Florida District Court of Appeal
189 So. 2d 507 (1966)

  • Written by Liz Nakamura, JD

Facts

Barbara Rosenthal, decedent, placed the residuary of her estate in a testamentary trust under which Martha Peskin (defendant) was one of the remaindermen. Little River Bank & Trust, Co. (plaintiff) was the executor of Rosenthal’s estate. In connection with the administration of the estate, the bank hired an attorney to handle the sale of a residence owned by the estate. After the closing, the net proceeds from the sale were deposited in the attorney’s trust account. That same day, the bank made several efforts to recover the proceeds. However, due to embezzlement by the attorney, the bank was only able to recover a portion of the net proceeds. The attorney was promptly fired by the executor and died shortly thereafter. Peskin petitioned to have the bank reimburse the estate for the lost proceeds, arguing that the bank improperly delegated the real estate sale to the attorney and should therefore be responsible for the actions of its chosen agent. The bank countered, arguing that it was not liable for the lost proceeds because the delegation to the attorney was neither negligent nor improper. The trial court ordered the bank to reimburse the estate for the embezzled funds. The bank appealed.

Rule of Law

Issue

Holding and Reasoning (Hendry, C.J.)

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Casebooks

Wills, Trusts, and Estates

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