Landmark Communications, Inc. v. Sovran Bank, N.A.

In this appeal we are asked to determine whether remainder interests created in a trust were indefeasibly vested or merely contingent remainders.

Appellants, plaintiffs below, are parties to a contract for the sale of the assets held in trust pursuant to William S. Glennan’s will, probated on December 23, 1958. The primary assets held by the trust are shares of stock in Landmark Communications, Inc. and TeleCable Corporation (Landmark), which corporations are the successors of Norfolk Newspapers, Inc. Landmark agreed to purchase the trust assets from J. Allen Tyler, the sole remaining income…