Pennsylvania Co. v. Wilmington Trust Co.

Seitz, Chancellor:

One George McNear died testate in 1947, and under the terms of his will he created trusts for the benefit of his wife, their children, his three sisters and brother, and their children (“beneficiaries”). The Wilmington Trust Company (“Trust Company”), Central Hanover Bank and Trust Company (which declined to serve), and Guy A. Gladson (“Gladson”) were named as trustees. The testator provided that the Trust Company was authorized to take *570any action upon receipt of consent in writing from the co-trustees. He also authorized a private sale of assets. While the trust estate was…