Grant

Grant v. Security First National Bank

Good Law
1963 Cal. App. LEXIS 2916·212 Cal. App. 2d 831·28 Cal. Rptr. 217
Court of Appeal of CaliforniaFebruary 8, 1963Civ. No. 26202California3,733 words

Opinion

Lead Opinion

Shinn, J.

The appeal before us was taken by Barbara Bissinger Grant from an order overruling her objections to ■the seventh account of Security First National Bank (successor tó Farmers and Merchants National Bank) as trustee under the will of Frederick M. Bissinger, and approving and settling said account. The ground of appellant’s objections, and the contention on appeal, is that the trustee failed in the performance of its duties in that in selling certain shares of common stock and purchasing certain tax-free bonds it failed to exercise the judgment and care under the circumstances then prevailing which men of prudence, discretion, and intelligence exercise in the management of their own affairs (Civ. Code, § 2261, subd. (1) but was unduly influenced by and unfairly acceded to the demands of John W. Bissinger, then the life beneficiary of the trust income, to the disadvantage of appellant, who is presumptively remainder beneficiary under the will of Frederick.

After an extended trial, the court found that in making the sales and reinvesting the proceeds the bank as said *833 trustee “acted reasonably, prudently, in good faith and in the exercise of its best judgment . . . and with the…

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