Brown Bros. Harriman Trust Co. v. Bennett

PRESIDING JUSTICE FITZGERALD SMITH

delivered the opinion of the court:

This declaratory action involves approval of a trust account sought by the petitioner trustees, Brown Brothers Harriman Trust Company, LLC (hereinafter, Brown Brothers Harriman), Peter Babcock and Sheffield Phelps, and the objection raised by respondents, Charles Bennett and Gerald Bennett, that investment advisory and trustee fees had been improperly charged against the trust income rather than the trust principal in violation of the Principal and Income Act (hereinafter, the Act) (760 ILCS 15/1 et seq. (West 2002)).…