Tait v. Community First Trust Co.
Arkansas Supreme Court
___ S.W.3d ___, 2012 Ark. 455
In November 2000, William J. Fowler and Annie R. Fowler created a family trust and appointed Community First Trust Company (Community First) (plaintiff) as trustee. The trust terms provided that the trust would be revocable until the death of either William or Annie. Upon the death of the surviving spouse, the trust would terminate and the trust property would be distributed to the beneficiaries of the trust. The beneficiaries included two of William’s stepchildren, Dale Paschal Jones and Billy Ray Jones. Dale passed away in November 2004, and was survived by his two daughters. Billy Ray passed away in November 2008, and was survived by his two daughters. William passed away in January 2011. On August 19, 2011, Community First filed a petition in Polk County Circuit Court to determine whether the interests of the deceased beneficiaries lapsed when they predeceased William, thereby barring their children from claiming their shares in the trust. The circuit court found that, under common law, the interests of the beneficiaries did not vest until William’s death. Thus, the court found the interests of Dale and Billy Ray lapsed when they predeceased William. The children of Dale and Billy Ray appealed.
Rule of Law
Holding and Reasoning (Goodson, 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 171,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 13,800 briefs, keyed to 187 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.