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McGinley v. Bank of America, N.A.
Kansas Supreme Court
109 P.3d 1146 (2005)
Marie McGinley established a revocable trust, with Bank of America, N.A. (the bank) serving as trustee. The trust gave discretionary authority to the bank to manage the trust estate, but required the bank to consult with McGinley about any purchase or sale, and to abide by McGinley’s decisions. McGinley transferred shares of Enron stock into the trust. The bank drafted, and McGinley signed, a letter directing the bank to retain the Enron stock held in the trust. The letter stated that the bank did not need to monitor or analyze the stock, and that McGinley agreed to exonerate the bank from any loss resulting from continuing to retain the stock. The stock’s value increased to approximately $750,000 from 1991 to 2000. In 2001, the stock’s value declined to $4,800. McGinley did not revoke the letter. McGinley (plaintiff) sued Bank of America (defendant) for the lost value of the stock, alleging breach of fiduciary duty. The district court granted summary judgment in favor of the bank.
Rule of Law
Holding and Reasoning (Nuss, J.)
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