698 N.E.2d 519 (Ohio Prob. 1998), 451199, Bank One Trust Co., N.A. v. Nye

Docket Nº:451199 A.
Citation:698 N.E.2d 519, 91 Ohio Misc.2d 204
Opinion Judge:LAWRENCE A. BELSKIS, Judge.
Party Name:BANK ONE TRUST COMPANY, N.A. v. NYE et al. [*]
Attorney:Baker & Hostetler, L.L.P., Robert M. Kincaid, Jr. and Mark D. Senff, Columbus, for plaintiff Bank One Trust Co., N.A. Gary A. Jack, Fairmont, for defendant Barbara A. Nye. Thompson, Hine & Flory, L.L.P., Thomas J. Bonasera and Maureen Taylor, Columbus, for defendant Community Foundations, Inc. Be...
Case Date:February 13, 1998
Court:County Court of Ohio
 
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Page 519

698 N.E.2d 519 (Ohio Prob. 1998)

91 Ohio Misc.2d 204

BANK ONE TRUST COMPANY, N.A.

v.

NYE et al. [*]

No. 451199 A.

Probate Court of Franklin County, Ohio.

February 13, 1998

       Baker & Hostetler, L.L.P., Robert M. Kincaid, Jr. and Mark D. Senff, Columbus, for plaintiff Bank One Trust Co., N.A.

       Gary A. Jack, Fairmont, for defendant Barbara A. Nye.

       Thompson, Hine & Flory, L.L.P., Thomas J. Bonasera and Maureen Taylor, Columbus, for defendant Community Foundations, Inc.

       Betty D. Montgomery, Attorney General, and Monica A. Moloney, Assistant Attorney General, for the Attorney General. [91 Ohio Misc.2d 205]

       LAWRENCE A. BELSKIS, Judge.

       This matter comes before the court upon a motion to transfer action to general division filed by defendants. The court finds that the issues involved in this matter are within the substantive jurisdiction of the probate court and that this matter can be fully adjudicated in this court.

       Grantor, Raymond C. Cook, and plaintiff, Bank One Trust Company, N.A., entered into an intervivos trust agreement, the final restatement

Page 520

of which was executed on December 22, 1988. The First Amendment to the Trust Agreement specifies pecuniary bequests totaling $750,000 to be made at the grantor's death. The trustee is also ordered to create a separate charitable unitrust in the amount of $1,000,000 to be held for the benefit of the grantor's sister, Beatrice C. Adamson, and niece, Barbara Nye, for their respective lives. The trustee is to pay to or for the use of Adamson and Nye or the survivor of them a unitrust amount equal to the lesser of the trust income for each tax year or eight percent of the net fair market value of the separate trust.

       If the trust income for any tax year exceeds the unitrust amount, the trustee is instructed to pay to the beneficiaries such excess income to the extent the aggregate of the amounts paid in prior years is less than eight percent of the aggregate net fair market value of the trust assets for such years.

       After the death of Adamson and Nye, the trust principal is to be added to the Raymond C. Cook Fund held by Community Foundations, Inc.

       A complaint for instructions and declaratory judgment was filed by Bank One Trust Company, seeking a judicial determination of the plaintiff's rights and duties under the Trust Agreement of Raymond C. Cook and specifically addressing...

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