Texas Court of Appeals
230 S.W.3d 800 (Tex. App. 2007)
In January 1990, Woodrow V. Lesikar (Mr. Lesikar) established the Woodrow V. Lesikar Family Trust. Mr. Lesikar named himself and his son, Woody Lesikar (Woody) (defendant) as co-trustees. Mr. Lesikar was to receive all the income from the trust assets during his lifetime. The trust was revocable by Mr. Lesikar at any time until his death, at which point special trusts would be established for the trust’s beneficiaries. The trust provided that Woody would receive a special trust upon Mr. Lesikar’s death consisting of 10,000 shares of stock in West Houston Airport Corporation (Airport Stock). The trust also established a special trust for Mr. Lesikar’s daughter, Carolyn Ann Lesikar Moon (Carolyn) (plaintiff). On March 16, 1998, Mr. Lesikar made a new trust agreement (Amended Agreement) that superseded the 1990 trust agreement. The Amended Agreement was made effective as of December 31, 1997. It provided that the residuary of the trust would be divided equally between Woody and Carolyn. The Amended Agreement made no reference to the Airport Stock. In 1997, Mr. Lesikar arranged to transfer the Airport Stock to Woody for $2,000.00. The transfer did not occur until December 30, 1998. Mr. Lesikar passed away on January 28, 2001. On August 19, 2003, Carolyn brought suit challenging the sale of the Airport Stock on grounds that $2,000.00 was an inadequate price. The trial court granted summary judgment for Woody.
Rule of Law
Holding and Reasoning (Hudson, J.)
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