Equitable Trust Co. v. Schwebel

CLARK, Circuit Judge.

Plaintiff and defendant are co-trustees of an inter vivos trust. At the time of the trust settlement the trustees and beneficiary were all New Jersey residents. The defendant is now a resident of Pennsylvania and a member of the bar of that state. Since the trust corpus consists of mortgages on real estate situated in Pennsylvania, the defendant has become the sole manager of the trust. The plaintiff originally sought an accounting of the defendant in the Federal District Court of Pennsylvania. A special master was appointed for the accounting. An accounting of the trust…