Dunlap v. Peoples National Bank

Littlejohn, Justice.

In April, 1956, Mrs. Susan Fain Stringer settled approximately $400,000 in properties in a revocable trust with the Peoples National Bank (hereinafter referred to as “the bank”) as trustee. The trust agreement provided for compensation to the bank of five per cent of annual net income and one-half per cent of the value of the assets upon termination of the trust after a period of more than ten years. The terms of the trust gave to the bank wide latitude in making investments and in handling the properties involved.

In October, 1966, (more than ten years after creation of…