Cleveland Trust Co. v. Wilmington Trust Co.

HERRMANN, Justice.

This appeal requires us to decide whether, under the trust agreements here involved, the trustee is entitled to fees on principal upon transfer of the res to a successor trustee; and if so, the amount thereof.

I

The trust provision in controversy provides that the trustee is entitled to: “A fee upon principal of 1% of the fair market value at the time distributed or transferred.”

The plaintiff The Cleveland Trust Company contends that the words “distributed or transferred” relate to distributions or transfers to trust beneficiaries only; that, therefore, the defendant…