Hanson v. First State Bank & Trust Co.

Weltner, Justice.

This case concerns a longstanding dispute between the beneficiaries under a trust and the trustee bank.

Factual Background

1. (a) Under the will of Marjorie Haley Scherberger, the First State Bank & Trust Company was appointed executor and trustee of trusts created for each of her four children. At the time of her death in 1971, her father’s estate had been distributed. Her brother, Herbert Haley, managed a partnership formed for the operation of several family farms and was active in other family businesses. Haley was also chairman of the board of directors of the First State…