092076 Carlson v. Wells 01/13/2011 In an action involving the duty of care owed by the custodians of Uniform Transfers to Minors Act accounts prior to 2007, to which the Prudent Person Rule applied, t

State: Virginia

Court: Supreme Court

Docket No: 092076

Case Date: 01/13/2011

Plaintiff: 092076 Carlson

Defendant: Wells 01/13/2011 In an action involving the duty of care owed by the custodians of Uniform Transfer

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All the Justices

JON C. CARLSON, ET AL. v. Record No. 092076 OPINION BY JUSTICE WILLIAM C. MIMS January 13, 2011

VALERIE A. WELLS, ET AL. FROM THE CIRCUIT COURT OF THE CITY OF VIRGINIA BEACH Frederick B. Lowe, Judge In this appeal, we consider the duty of care owed by the custodian of a Virginia Uniform Transfers to Minors Act ("UTMA") account and whether the appellants in this case breached that duty. We also review the tracing of commingled

funds and the award of attorneys' fees. I. BACKGROUND AND MATERIAL PROCEEDINGS BELOW

Jon C. Carlson ("Jon") and Valerie A. Wells ("Wells") were married from 1984 to 2000. marriage: They had three children during the

Eric Carlson ("Eric"), Scott Carlson ("Scott"), and During

Ariel Carlson ("Ariel") (collectively, "the Children").

the marriage, Jon and Wells established several accounts for the Children under the UTMA, Code

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