Brannen v. Howard

Factual History

Charles S. Howard died in 1952 and his will was admitted to probate. The final distribution of the estate occurred years ago, but the probate court retained jurisdiction to oversee the administration of certain testamentary trusts. The will created nine such trusts. The assets of each included a one-ninth interest in a parcel of realty called the lone Ranch. Four of the trusts have terminated and their shares of the lone Ranch are now owned outright by the former beneficiaries or by their successors in interest. These parties will be referred to hereafter as owners. The other five-ninths interest in the ranch is owned by respondents Crocker National Bank (hereafter Crocker) and, Marcela H. Fenton, who are the trustees of the remaining five trusts. The owners and the beneficiaries of the trusts constitute the appellants herein. They appeal (and in some instances do not appeal) from certain orders and decrees as will be more fully discussed below.

Crocker, the managing trustee, entered into an agreement with the owners pursuant to which it has continued to manage the lone Ranch on behalf of the owners as well as the beneficiaries. At some point, the owners…