First National Bank of Birmingham v. Adams

SIMPSON, Justice.

In December, 1945, Birmingham Paper Company, an Alabama corporation, entered into an agreement entitled Birmingham Paper Company Employees Profit Sharing Trust, in which the First National Bank of Birmingham was named as trustee. This agreement continued in effect until 1958 when a new agreement was drawn which for all purposes here pertinent restated the old agreement and amended the same in particulars not here involved. All references herein to “the plan” or “trust agreement” refer to the 1958 instrument.

In 1958 with the adoption of the new agreement two wholly owned…