Preview:

STATE OF RHODE ISLAND AND PROVIDENCE PLANTATIONS PROVIDENCE, SC. (FILED: AUGUST 17, 2011) SUPERIOR COURT

HELEN DANFORTH BUCHANAN, as Trustee : of the Indenture of Helen M. Danforth DTD : 3/15/41 : : V. : : BANK OF AMERICA, N.A., in its capacity as : Corporate Trustee of the TRUST :

C.A. No. PC 10-3087

FRANK MAURAN, as Trustee of the Deed : George Pierce Metcalf DTD 5/3/39 FBO Pauline : C. Metcalf : : V. : : BANK OF AMERICA, N.A., in its capacity as : Corporate Trustee of the TRUST :

C.A. No. PC 10-3088

FRANK MAURAN, as Trustee of the Deed : George Pierce Metcalf DTD 8/12/35 FBO Esther : Elise Metcalf : : V. : : BANK OF AMERICA, N.A., in its capacity as : Corporate Trustee of the TRUST :

C.A. No. PC 10-3089

HELEN D. BUCHANAN AND KINNAIRD : HOWLAND, as Trustees of the Will of Murray : S. Danforth Sr. DTD 8/27/32 : : V. : : BANK OF AMERICA, N.A., in its capacity as : Corporate Trustee of the TRUST :

C.A. No. PC 10-3090

FRANK MAURAN, as Trustee of the Deed of : George Pierce Metcalf DTD 7/1/41 FBO Esther : E. Metcalf : : V. : : BANK OF AMERICA, N.A., in its capacity as : Corporate Trustee of the TRUST :

C.A. No. PC 10-3091

FRANK MAURAN, as Trustee of the Deed of George Pierce Metcalf DTD 8/12/35 FBO Pauline C. Metcalf V. BANK OF AMERICA, N.A., in its capacity as Corporate Trustee of the TRUST

: : : : : : : :

C.A. No. PC 10-3092

HELEN DANFORTH BUCHANAN AND JANE : P. WATKINS, as Trustees of the Indenture of : HELEN M. DANFORTH DTD 7/29/35 : : V. : : BANK OF AMERICA, N.A., in its capacity as : Corporate Trustee of the TRUST :

C.A. No. PC 10-3093

FRANK MAURAN, as Trustee of the Deed of George Pierce Metcalf DTD 7/1/41 FBO Pauline C. Metcalf V. BANK OF AMERICA, N.A., in its capacity as Corporate Trustee of the TRUST

: : : : : : : :

C.A. No. PC 10-3094

2

FRANK MAURAN, as Trustee of the Deed of : George Pierce Metcalf DTD 8/12/35 FBO Esther : E. Metcalf : : V. : : BANK OF AMERICA, N.A., in its capacity as : Corporate Trustee of the TRUST :

C.A. No. PC 10-3095

DECISION SILVERSTEIN, J. Before the Court are nine separate Petitions for Removal of Trustee and

Appointment of Successor Trustee brought by the individual trustees1 of the trusts created by the: (1) Indenture of Helen M. Danforth DTD 3/15/41; (2) Deed of George Pierce Metcalf DTD 5/3/39 FBO Pauline C. Metcalf; (3) Deed of George Pierce Metcalf DTD 8/12/35 FBO Esther Elise Metcalf; (4) Will of Murray S. Danforth Sr. DTD 8/27/32; (5) Deed of George Pierce Metcalf DTD 7/1/47 FBO Esther E. Metcalf; (6) Deed of George Pierce Metcalf DTD 8/12/35 FBO Pauline C. Metcalf; (7) Indenture of Helen M. Danforth DTD 7/29/35; (8) Deed of George Pierce Metcalf DTD 7/1/41 FBO Pauline C. Metcalf; and (9) Deed of George Pierce Metcalf DTD 8/12/35 FBO Esther E. Metcalf.2 Asserting that removal of Bank of America, N.A. (BOA), the current corporate trustee of the Trusts, serves the best interests of the beneficiaries and is not inconsistent with the purposes of the Trusts, the Individual Trustees seek to replace BOA with Coastline Trust Company (Coastline). While the individual actions have not been consolidated,

the Court will treat them as consolidated for purposes of this Decision.

1

Petitioners Helen Danforth Buchanan, Frank Mauran, Kinnaird Howland, and Jane P. Watkins hereinafter referred to as "Individual Trustees." 2 The aforementioned trusts shall collectively be referred to herein as the "Trusts." 3

I Facts and Travel The instant matter arises out of the administration of nine irrevocable trusts governed by the laws of the State of Rhode Island. In pertinent part, each of the Trusts requires that a corporate trustee and an individual trustee act as co-trustees while managing and administering its provisions. Although Rhode Island Hospital Trust (RIHT) was the entity originally appointed as corporate trustee by the settlors of the Trusts, following a series of corporate mergers and transactions, BOA is currently acting as corporate trustee.3 Presently, the following Individual Trustees assist BOA with the administration and management of the Trusts. Helen Danforth Buchanan (Buchanan) is the individual trustee of the irrevocable trust created by the Indenture of Helen M. Danforth DTD 3/15/41, an indenture of trust agreement dated March 15, 1941, by and between Helen M. Danforth as settlor, and Donald S. Babcock and RIHT as trustees. Buchanan and Jane P. Watkins are the individual trustees of the irrevocable trust created by the Indenture of Helen M. Danforth DTD 7/29/35, an indenture of trust agreement dated July 29, 1935, by and between Helen M. Danforth as settlor, and Donald S. Babcock and RIHT as trustees. Buchanan and Kinnaird Howland are the individual trustees of the irrevocable trust created by the Will of Murray S. Danforth Sr. DTD 8/27/32. The trust was established under Article Fourth of his Will dated August 27, 1932, and amended by Codicils dated May 2, 1938, April 4, 1941, and December 2, 1942. Although RIHT was
3

In May 1969, Rhode Island Hospital Trust Company, originally formed in 1867, changed its name to Rhode Island Hospital Trust National Bank. See Raposo Aff.

Download 10-3093.pdf

Rhode Island Law