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.)
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 725,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.Unlock this case briefRead 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.Learn about our approachRead more about Quimbee
Here's why 725,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 45,600 briefs, keyed to 983 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.