Elmore v. Virginia National Bank

Virginia National Bank, as trustee under a 1957 spendthrift trust agreement, brought this chancery suit in the trial court seeking construction of certain provisions in the trust agreement and determination whether a 1975 attempt to modify the agreement was effective. The chancellor ruled that the trust agreement made no provision for amendment so that the 1975 attempt to modify it, without the consent of all potential beneficiaries, was ineffective. No appeal was taken from this ruling. The chancellor also ruled that the provision of the original agreement that, upon the grantor’s death…