Heritage Pullman Bank & Trust Co. v. Carr

Heritage Pullman Bank & Trust Company (Trustee) filed a two-count complaint seeking a declaration of whether a simple majority or unanimity of the beneficial owners was required to authorize the sale of property in a land trust. The Trustee interpleaded as defendants the four beneficiaries, each holding a 25% beneficial interest: Evelyn Rafacz Carr, Walter Rafacz,1 the estate of Henry Rafacz, and the estate of Edward Rafacz.

After a settlement, in which the parties stipulated that only a simple majority direction was required, the Trustee petitioned for its expenses. Two beneficiaries, the…